Wednesday November 1, Global – Fossil fuel giants are currently unveiling their profits this year: Total, Chevron, Equinor and ExxonMobil reported their profits last week, while BP and Shell will announce them this week and Petrobras in the coming weeks.
Fossil fuel companies have long announced obscene profits we have become accustomed to, and while some headlines might focus on this year’s slight dip compared to last year, we must not be distracted.
As we are just weeks away from the United Nations Climate Conference, COP 28, and as 2023 marks the hottest year on record and the undeniable impacts of the climate crisis are ravaging our world and negatively affecting communities everywhere, these numbers cannot go unnoticed.
We must power down fossil fuels, make polluters pay the bill and power up renewable energies through a just transition.
Here is what we have to say:
Nicolò Wojewoda, Europe Regional Director, 350.org
“In a world grappling with the devastating impacts of the climate crisis, BP‘s obscene profits are a stark reminder of the urgent need for a deep and systemic overhaul of our energy systems. The actual cost of climate inaction is one we can no longer afford to ignore. Wind and solar energy are breaking records, generating more clean electricity yearly. It’s time to power down fossil fuels and power up renewables to address the urgency of the climate crisis.
Zaki Mamdoo, StopEACOP coordinator, 350.org
“The French energy giant, Total, is increasing its hydrocarbon production and continuing to invest in new fossil fuel infrastructures, such as its oil pipeline project in East Africa, the East Africa Crude Oil Pipeline (EACOP), against all scientific recommendations. The EACOP project in Uganda and Tanzania is a climate, environmental and social bomb. It will increase Uganda’s CO2 emissions sevenfold, and threatens to poison several water sources in the Lake Victoria basin, on which 40 million people depend. This project must be stopped.”
Ilan Zugman, Latin America Managing Director, 350.org
“Petrobras‘ exorbitant profit figures in the past few quarters contrast with the economic damage that oil activity causes to artisanal fishing, through frequent oil spills in areas such as Guanabara Bay, in Rio de Janeiro, for example. In 2022 alone, Brazil allocated US$69 billion in implicit or explicit subsidies to fossil fuels, according to a study by the International Monetary Fund (IMF). These resources need to be reallocated to strengthen vulnerable communities, not the most polluting sectors of the economy. We urgently need the resources that go to fossil fuels to be reverted to renewable energy projects led by communities and built with respect for the environment and traditional peoples.”
Soraya Fettih, France Manager, 350.org
“TotalEnergies, along with BP, Shell, and other fossil fuel giants, is directly responsible for the climate crisis we are going through, and contributes to the energy price crisis while millions of French people are in a situation of energy poverty. A windfall tax would be a necessary first step to make big polluters contribute to financing the energy transition.”
Kenney Walker, UK Organiser, 350.org
“Shell’s exorbitant profits come out as millions across the country are still grappling with high electricity and heating bills, showing once more that energy companies put their shareholders’ profits over people’s wellbeing. No matter where someone lives in the UK or how much money they have in their pockets, everyone deserves to have a comfortable and dignified life. No one should have to choose between heating and eating. Renewable energy and lifting people out of fuel poverty go hand in hand.
That’s why it’s long overdue for this government to side with us, the people, and hold fossil fuel giants like Shell accountable. The huge profits of the fossil fuel industry must contribute to funding a transition to a publicly-owned renewable energy system that provides energy for all while safeguarding our climate.”
Jeff Ordower, North America Director, 350.org
“As we find ourselves sweltering under the oppressive weight of heat waves, the stark truth emerges: Fossil fuel industry giants like Exxon, Chevron, Petrobras, BP, have driven temperatures to unprecedented heights, shamelessly prioritizing their own profit over people’s lives, while keeping blocking real climate action. And they are making astronomical profits out of this. This scorching reality is a wake-up call: It is time to power up the global renewable energy revolution. Our government can no longer bow down to the whims of the fossil fuel industry. It is absolutely imperative for them to hold the fossil fuel industry accountable and reallocate the substantial financial resources to fund renewable energy projects instead. The time for decisive action is now.”