Shell, Europe's largest oil and gas company, has posted a $14 billion profit for the first half of 2024, fueled by its focus on dirty energy over cleaner alternatives.
What's happening?
According to the Guardian, climate campaigners were "angered" by the news. The company also announced $3.5 billion in share buybacks after a strong second quarter with $6.3 billion in adjusted earnings.
The choice to cut back on green energy investments and focus more on gas has faced strong criticism from climate activists. They say Shell is prioritizing profits for shareholders over protecting the environment.
Why is Shell's decision concerning?
Shell's focus on dirty energy comes as experts warn that urgent action is needed to avoid severe effects of rising global temperatures.
Although the company originally promised to cut pollution by 20% by 2030, it has now reduced that goal to 15-20%, per the Guardian, slowing its climate efforts.
Climatologists are especially worried by Shell's decision to expand its liquefied natural gas business, which they believe will increase reliance on pollutive fuels.
With warmer temperatures driving more intense extreme weather like hurricanes and heat waves, as well as contributing to rising sea levels, Shell's profits highlight the unfairness of the energy industry, as the most vulnerable communities suffer the most.
What's being done about the impact of oil companies?
Climate groups have called for stricter regulations on the dirty energy industry and urged companies like Shell to invest more in renewable energy.
Organizations such as Global Justice Now have condemned Shell's profit surge, per the Guardian, linking it to the devastation of climate-vulnerable areas like the Caribbean, which is still recovering from disasters like July's Hurricane Beryl.
"People in the Caribbean devastated by the impacts of Hurricane Beryl are left to pick up the pieces, while rich shareholders and fossil fuel CEOs get to rake in the profits, removed from the chaos they've played a leading role in creating," Global Justice Now campaigner Izzie McIntosh told the Guardian.
In response, everyday consumers can take action by advocating for clean energy policies, reducing their own gas consumption — like by taking public transportation when possible — and supporting renewable energy solutions at home.
Moreover, educating yourself about greenwashing tactics is critical to avoid being misled by corporations claiming to be eco-friendly while profiting from bad climate practices.
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