Climate activists are furious after Shell dished out $5 billion in profits to shareholders in what they are calling “obscene,” according to the left-wing Guardian. The profits still came in at a loss for the company compared to the last three months last year. In its second quarter, Shell reported a profit of $11.5 billion when the energy crisis was at its pinnacle and dished out $25 billion to shareholders.
Nevertheless, climate activists are still voicing their distaste of the profits which comes at a time when wildfires and heatwaves are being reported across Europe and the U.S. These events are being attributed to human causes. The Guardian reports that these findings are “crystal clear” and demand that humans cut back on carbon emissions. Scientists are reportedly saying that if the world continues to heat, then heatwaves will occur during the summertime every two to five years.
Shell’s chief executive, Wael Sawan, laid out the financial plan for the company. He reportedly said that it will buy its shares back within the next few months and spend $3 billion. It will then use another $2.5 billion for share buyback after the third quarter.
One climate campaigner at Greenpeace in the United Kingdom lamented Shell’s decision to ramp up oil production because it would mean less investment in “renewables.” Greenpeace erected a billboard outside of Shell Center in London with the company’s logo and a motto that read: “Our profit, your loss.”
The company’s investment in oil, which is what it specializes in, is expected to increase by 10 percent this year. The next year its investments are expected to increase by 7 percent.
Another climate activist with Global Witness claimed that the company is aware of the threat of climate change but has made an about-face on the issue, and instead “doubled down on toxic fossil fuel energy.”