Shell profits show energy system ‘unfit for purpose’

Climate campaigners have reacted with outrage at the announcement of energy giant Shell’s profits of £9.5billion ($11.5billion) in just 3 months. 

Shell’s continued investments in fossil fuel projects such as the controversial Jackdaw gas field will ‘lock us into’ this broken energy system for decades, increasing company profits even further at the expense of people and the planet, campaigners say.

Climate scientists and energy experts are crystal clear that we cannot afford any more investment into fossil fuel extraction if we are to limit dangerous warming to 1.5ºC. 

The Shell profits came just days after research revealed the oil and gas industry has made over $52 trillion in profit over the last 50 years.

Friends of the Earth Scotland’s Oil and Gas Campaigner Freya Aitchison said:
 
“This announcement of yet another obscene profit for Shell is a clear sign that our broken energy system is completely unfit for purpose.”

“Rising energy prices are a key driver of the cost of living crisis that has plunged millions of people in the UK into fuel poverty, yet bosses and shareholders at Shell are getting even richer by exploiting one of our most basic needs.”

“Shell is also worsening climate breakdown and extreme weather by continuing to invest and lock us into new oil and gas projects for decades to come. We must phase out fossil fuels and speed up the transition to renewables in order to overhaul our energy system and ensure that everyone has access to affordable and clean renewable energy.”

ENDS