Shell’s Billion-Dollar Bonanza: Profits Over Planet, Again

Shell is once again proving that nothing—not plummeting profits, climate devastation, or public outrage—will stop it from showering its investors with cash. Despite a “disappointing” $23.7 billion in profits for 2024 (down from the nearly $40 billion bonanza in 2022), Shell still managed to cough up $22.5 billion for its investors, because when you’re one of the world’s most notorious polluters, keeping shareholders happy always comes before keeping the planet habitable.

While climate campaigners and, well, anyone with a functioning moral compass have repeatedly urged Shell to funnel more of its obscene wealth into renewable energy, the company remains steadfast in its commitment to fossil fuels. Shell’s spending on oil and gas last year was seven times higher than its token investment in “renewables and energy solutions”—a pathetic $2.5 billion versus a whopping $18.3 billion for traditional fossil fuels. But hey, who needs actual green energy investments when you can slap a sustainability page on your website and call it a day?

Meanwhile, Shell’s generous investor payouts helped boost its stock by 2.6%, pushing the FTSE 100 to an all-time high—because nothing says “economic success” like rewarding environmental destruction. This marks the 13th consecutive quarter of handing out at least $3 billion in share buybacks, reinforcing what we all already knew: the company’s primary concern is keeping the biggest investors like BlackRock and Vanguard fat and happy while the world burns.

Chief Executive Wael Sawan insists that despite weaker profits, Shell’s “cashflows remain strong” and the company has cut $3 billion in costs. Translation? They’re squeezing every last drop out of fossil fuels while finding new ways to maximize payouts. Meanwhile, Shell’s carbon emissions were conveniently described as “flat”—not reduced, mind you, just not increasing (for now).

Despite oil and gas prices falling last year, the industry remains obscenely profitable. Henry Hub gas prices may have dipped to $2.33 per MMBtu from $6.50 in 2022, and oil prices tumbled from over $100 per barrel to around $74.40 in late 2024, but somehow, these companies are still rolling in billions. And instead of investing in climate solutions, Shell and its fossil fuel brethren continue to greenwash their way out of responsibility, all while dodging accountability for the disasters they help create.

Campaigners at Global Witness and Greenpeace have been unequivocal in their condemnation, demanding that oil giants pay for the damage they cause, rather than passing the cost onto taxpayers. Alice Harrison of Global Witness put it bluntly: “Rather than propping up the climate-wrecking fossil fuel industry, we need governments to make polluters pay for the damage they have already caused, and steer us towards a cleaner, greener future.” Greenpeace’s Elena Polisano echoed this, stating: “Oil companies like Shell are causing the climate crisis, and they have the billions necessary to fund the clean-up of homes and communities—yet they don’t pay a penny.”

As we approach the 10-year mark since the 2015 Paris Agreement, it’s clearer than ever that voluntary climate commitments from oil majors are nothing but a farce. Governments have a choice: continue letting Shell and its cronies profit from planetary destruction, or finally force them to pay for the mess they’ve made. Until then, Shell will keep funneling billions to investors while pretending it’s part of the solution. Spoiler alert: it’s not.

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