Shell’s profits spark fury among campaigners

Activists say the energy giant’s profits reflect a “broken” energy system

Big Zero Report 2022

The presentation of Shell‘s profits which doubled in the second quarter of the year was enough to stir criticism from campaigners.

Shell announced record profits of $11.5 billion (£9.4 bn), doubling its earnings in a single year.

The company said it will complete $6 billion (£4.9bn) share buybacks in the coming months.

A few days ago, analysts predicted that the typical UK energy bill could rise to £3,420 in October and £3,850 in January 2023.

On Tuesday, Shell announced it took the final investment decision to develop the Jackdaw gas field in the UK North Sea.

Lauren MacDonald, a climate activist with the Stop Jackdaw campaign, said: “It is obscene that Shell can be allowed to make this much money when many millions of families will be unable to afford to heat their homes.

“Profits of this size, when so many families will suffer, means the system is broken. The only way to fix it is to move away from fossil fuels and invest in long-term solutions such as insulating homes and cheaper renewable energy.”

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