London/Brussels, February 3rd – Shell has posted its highest quarterly profits in eight years while households face rocketing energy bills, showing that our energy system puts profits before people and needs an urgent overhaul, according to Global Witness. Released today, Shell’s overall 2021 profits ($20bn) represent a 193% increase on 2020.
Murray Worthy, Gas Campaign Leader at Global Witness said:
“The fossil gas crisis is making Shell’s executives and shareholders eye-wateringly rich, and is a slap in the face for the millions of people across Europe experiencing energy poverty. This shows how broken our energy system is, pouring money into the pockets of the companies fuelling the climate crisis while forcing families to choose between heating and eating."
“On the day that UK households are being told to expect annual average energy bill hikes of £700, it could not be clearer that continuing to use fossil gas to heat our homes is an option that neither consumers nor the climate can afford. Politicians across Europe need to wake up, plan to urgently phase out fossil gas, and provide affordable, renewable heating for everyone.”
Shell’s figures are part of a broader pattern of bumper profits for oil and gas majors in the midst of record gas prices. In recent days, Chevron ($15.6bn) and ExxonMobil ($23bn) have also posted profits for 2021.