Shell has sparked fresh outrage among climate activists after reporting second-quarter profits of just over $5bn (£3.9bn) and announcing plans to return billions to shareholders. Protests were held outside its London headquarters on Thursday, as wildfires linked to the climate crisis burned across southern Europe.
The profits represent a sharp drop from the $11.5bn recorded in the same period last year, when energy prices peaked following Russia’s invasion of Ukraine. Despite the decline, Shell said it would spend $3bn on share buybacks in the next three months, with a further $2.5bn planned subject to board approval. Last year, the company returned $26bn to shareholders.
Greenpeace activists erected a billboard outside Shell’s headquarters bearing the slogan “Our profit, your loss”. Maja Darlington, a campaigner at Greenpeace UK, said: “While millions attempt to rebuild their lives after months of extreme weather… Shell is upping oil and gas production, slashing investment in renewables and posting billions of dollars in profits.”
Analysis by Global Witness forecasts Shell’s oil and gas investment will rise to £11.3bn in 2023, a 10% increase from the previous year, with a further 7% rise expected in 2024. Jonathan Noronha-Gant, a senior campaigner at Global Witness, accused the company of prioritising “short-term cash grabs over the safety and survivability of our societies”.
Criticism also came from the IPPR and Global Justice Now. George Dibb of IPPR said Shell was putting “shareholders over our planet”, while Izzie McIntosh of Global Justice Now described the profits as “obscene” and accused the firm of “fuelling climate disaster”. Shell CEO Wael Sawan has defended keeping fossil fuel production steady until 2030, arguing that cutting output would be “dangerous and irresponsible”.
