Many Dutch must watch their money while Shell makes profit: ‘The system is sick’
Many Dutch people were shocked by petrol prices last year, but this seems to have been a golden time for Shell. The oil and gas company posted a record profit in 2022. And that upsets many. “Horribly unfair and extremely bizarre.”
Shell was allowed to add a profit of 42.3 billion dollars (38.4 billion euros) last year. This is more than double the net income for the year.
Shell benefited from high oil and gas prices
The company benefited from high oil and gas prices caused by the war in Ukraine. In 2020, Shell still suffered billions in losses because the oil price collapsed due to the Corona crisis. But the oil companies are doing good business again due to the sharp increase in oil demand due to the global economic recovery from the crisis. The fact that Shell is profiting from the war in Ukraine has been heavily criticized.
There are also major concerns about Shell’s environmental impact. Shell itself has the goal of being climate neutral by 2050 and wants to reduce its own emissions faster. It was announced yesterday that climate activists want the US Securities and Exchange Commission to investigate Shell. The oil company is said to have “estimated its financial investments in renewable energy sources” significantly higher than it should have been. According to critics, the company does green washing, In other words, the company would pretend to be more environmentally friendly than it actually is.
Action Greenpeace
Greenpeace climate activists are protesting in front of Shell headquarters today. According to demonstrators, Shell benefits from “climate destruction and human suffering” with its billions in profits. Activists wore a fake gas station price tag showing record profits of more than $42 billion for 2022. It also questioned the amount the company would have to pay for damage caused by climate change.
According to Greenpeace, the protesters are calling on the company to take responsibility and pay for the damage it is causing around the world. “As Shell counts on its billions, people around the world are grappling with the damage caused by record droughts, heat waves and floods caused by the oil giant. This is the stark reality of climate change that we must put an end to,” said a Greenpeace activist.
The climate organization also fought on a cargo ship transporting a Shell drilling platform this week. Greenpeace’s message at protests is: “Stop drilling. Start paying.” Mark van Baal of activist shareholder Follow This says at most 14 percent of Shell’s profits go to sustainable investments. “Shell cannot claim to be in transition as long as fossil fuel investments overshadow renewable energy investments.”
Comments on Twitter
The news can also be met with a lot of disbelief and angry reactions on Twitter. “The system is sick,” writes one. Another: “This is not an explanation for people who can’t pay their energy bills.”
On the one hand, of course, this is terribly unfair and extremely bizarre, but on the other hand, too. pic.twitter.com/wRIVxYnDOj
— Maarten Hopman (@maartenhopman94) February 2, 2023
#No #Shameful #sleeve such news. To announce with great fanfare that 38 billion profits have been made on the backs of citizens and SMEs, resulting in much suffering and bankruptcies. pic.twitter.com/eRhlpBguo5
— Bert van Os (@BertvanOs) February 2, 2023
Ridiculous! Making profit off the backs of citizens who are already in trouble. And the government does nothing…
Shell reports record profit of nearly $40 billion on high oil and gas prices https://t.co/dQQgphAg3L through @NUnl
— Eenbijzondereburger (@Eenbijzondereb1) February 2, 2023
That doesn’t explain people who can’t pay their energy bills:@sleeve posts record earnings of more than $42 billion in 2022 https://t.co/EkmjPR0Iuh
— Charles Groenhuijsen (@chgroenhuijsen) February 2, 2023