Paris, France. Today, oil giant Total announced staggering third quarter profits of $ 9.86 billion to shareholders putting it on track to post record annual profits at the end of the financial year.
The oil and gas giant is responsible for some of the most destructive fossil fuel projects on the planet, including the controversial East African Crude Oil Pipeline and fracking across Vaca Muerta, Argentina. This announcement shines a spotlight on the moral bankruptcy and danger posed by oil majors – these corporations are ruthlessly profiteering off war in Ukraine when tens of millions of people are suffering from the combined impacts of the climate crisis, soaring fossil fuel costs and a cost of living scandal.
Despite the International Energy Agency demanding an end to new fossil fuel investments, Total continues to rake in obscene profits at the expense of people and the planet, more so in Africa. Total is currently leading a dash for gas in Africa, securing billion dollar deals in Algeria and South Africa to extract and burn more fossil fuels from the continent, while the European Parliament recently adopted a groundbreaking resolution that recognises the disastrous consequences for both human rights and the climate due to the construction of Total’s East African Crude Oil Pipeline (EACOP) project.
It is vital that we stop the flow of money to reckless fossil fuel companies like Total.
Clémence Dubois, Lead France campaigner at 350.org:
“Today, Total is throwing fuel on the fire by celebrating another round of shameful profits. The month-long refiners’ strike in France to demand a fair wage increase was born out of a revolt against Total’s socio-economic model that is depleting people and the planet. The intensification of climate impacts that we are all experiencing and the increase in poverty due to soaring energy prices is no accident: it is the manifestation of the unlimited greed of Total and the fossil fuel industry. It is time for responsibility and justice. As such, our criticism should be directed not so much at Total as at the governments, private companies and shareholders who turn a blind eye or even support its new projects, such as EACOP in Uganda, against all known scientific data, proven democratic demands and basic moral dignity.”
Omar Elmawi, Coordinator of Stop EACOP:
“Fossil fuel companies such as Total continue to operate with impunity, risking the well being of communities, posing a threat to sensitive ecosystems and negatively impacting the climate, all this while making huge profits. While Total’s mega oil project, the proposed East African Crude Oil Pipeline (EACOP) and associated oil fields face sustained resistance locally and globally, the oil and gas major insists on forging ahead with the project. We can stop the fossil fuel industry by hitting it where it hurts – cutting off financing to their harmful projects. It’s time for banks and reinsurers to pull the plug on EACOP by committing to not funding or insuring the project, for the sake of people, nature and climate.”
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Media contact: Mark Raven at 350.org, +447841474125, [email protected]