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Story summary
- Five oil companies—Shell, BP, Chevron, Exxon Mobil, and Total Energies—have reported nearly $500 billion in profits since February 2022, per Global Witness.
- The profit surge coincided with a global energy crisis that raised European household bills.
- Despite net-zero commitments by 2050, BP and Shell allocated far more to shareholder payouts than to renewables.
- The analysis urges governments to tax fossil fuel firms to fund Ukraine's reconstruction and relieve energy poverty.
