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Shell’s Shameless Greed: £8 Billion Profit Shows Disregard for Climate Crisis and People’s Well-Being

By John Donovan

Shell, the oil giant partly responsible for environmental destruction and climate change, has shamelessly announced a profit of nearly £8 billion for the first quarter of the year, revealing its insatiable greed for profits. This further highlights the company’s utter disregard for the cost-of-living crisis that their exorbitant fuel prices have caused. Even with oil prices down from their peaks touched after Russia’s invasion of Ukraine, Shell still made money at an obscene rate, almost £1,000 a second or £58,000 per minute.

As calls for deeper windfall taxes on the sector grow louder, Shell’s profits have been labelled “iniquitous” by the campaign group Global Justice Now. The group has rightly called for a polluters tax to put the money back where it belongs and put an end to Shell’s loathsome profiteering off our climate misery.

Shell’s earnings hit $9.6 billion, a record for the first quarter, but just below the $9.8 billion profit for the fourth quarter of last year. Annual profits for 2022 smashed records at $40 billion, doubling year-on-year, revealing Shell’s utter greed and unwillingness to make any meaningful changes towards sustainability.

Despite the company’s boastful announcement of increasing investments in renewable energy resources, its Adjusted earnings at its “Renewables & Energy Solutions” division for the first quarter were a paltry $389 million compared to $4.9 billion at its “Integrated Gas” business. This exposes the company’s false promises and its lack of urgency in transitioning to green energy.

Shell’s CEO, Wael Sawan, has set a target to make Shell “a net-zero emissions energy business” by 2050, but it is clear that the company faces significant challenges in achieving this target. Sawan and the company have faced severe criticism for their lack of progress and failure to act with any meaningful impact.

Shell’s announcement of a $4 billion share buyback is a testament to its greed and further proof that it cares more about appeasing its shareholders than the well-being of people and the planet. It’s time for Shell to face the consequences of its actions and be held accountable for its environmental destruction and impact on communities affected by the fossil fuel industry.

Shell is invited to point out for correction any factual inaccuracies and supply closing comments for publication as part of this article on an unedited basis. 

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