Inside Big Oil's Business as Usual: Failure on Climate and Profits from War

[Brenda]

Last edited Tue Jun 25, 2024, 04:50 PM - Edit history (1)

https://www.desmog.com/2024/06/19/inside-big-oils-business-as-usual-failure-on-climate-and-profits-from-war/

Eight fossil fuel giants – Chevron, ExxonMobil, Shell, TotalEnergies, BP, Eni, Equinor, and ConocoPhillips – are on course to use 30 percent of the world’s remaining carbon budget for that 1.5°C goal, according to the Big Oil Reality Check report by nonprofit Oil Change International (OCI).

“None of those companies came anywhere close to alignment [with climate goals],” said Tong. “Six of the eight companies we analyzed have explicit plans to increase their oil and gas production in this critical decade when we need to be cutting our reliance on fossil fuels, cutting oil, gas, and oil production.”

The fossil fuel industry is “fueling war and military conflicts” in many regions of the world, said Svitlana Romanko, a prominent Ukrainian activist and founder and director of Razom We Stand, a Ukrainian organization campaigning to ban all imports of fossil fuels from Russia.

After Russia launched its full-scale invasion of Ukraine in February 2022, Russia earned over 681 billion euros in revenue from fossil fuel exports. European Union countries purchased fossil fuels from Russia for more than 195 billion euros.

Big Oil, as well as Russia, is profiting from the war, Romanko said. After the invasion, BP, Chevron, Equinor, ExxonMobil, Shell, and TotalEnergies raked in $219 billion, more than double their profits compared to the previous year.

Folks, we live on a very psychotic planet.