BP and Shell’s profits over the last year have exceeded the combined GDP of the five most climate-vulnerable countries, a new analysis found today.
The fossil fuel giants raked in combined profits of £30 billion between October 2023 and September this year.
According to NGO Global Justice Now, this surpasses the combined gross domestic product of Chad, the Solomon Islands, Niger, Micronesia and Guinea-Bissau, which add up to £26bn.
According to research by Oxfam, the world’s richest 1 per cent produced more carbon emissions than the poorest two-thirds of humanity.
The United Nations Intergovernmental Panel on Climate Change found that around 3.6bn people live in low and lower-middle income countries that are highly vulnerable to climate change’s worst effects.
Britain has committed to delivering £11.6bn in climate finance between 2021 and 2026, but campaigners say that far more could be raised through taxing profiteering oil and gas firms.
Izzie McIntosh, climate campaigner at Global Justice Now, said: “Shell and BP’s egregious profits are made possible by the exploitation of some of the world’s most climate vulnerable regions.
“That climate-wrecking corporations welcome billions of pounds in profit while these countries are drained of wealth and resource is by design.
“The UK government must prove it is serious about standing up to these shameless corporations as we approach Cop29.
“Providing adequate climate finance — and taxing mega-corporations to fund this — is a clear and obvious step that must be taken.”
Shell revealed yesterday that it had exceeded quarterly expectations by 12 per cent and raked in $6bn (£4.65bn) in adjusted earnings from July to September.
Shell had already pocketed £84bn in profits since the start of the energy crisis in 2020, according to Warm This Winter.
Campaign spokesperson Caroline Simpson said: “What’s truly wicked is that 6.5 million people in the UK are now in official fuel poverty and we’re all paying 60 per cent more on our energy bills than three years ago.
“That’s why we urge this government to get tough on profiteers who have made billions, to fund a social tariff which 75 per cent of voters would back — and they also support getting vampire companies like Shell to pay for it.”
