Over the past year, there has been a huge surge In energy prices which has delivered high profits for some of the world’s biggest energy companies. Some have labelled this as greed from these companies, especially with fossil fuel prices further driving profits. Energy giants have announced that they plan to use additional profits to improve the low carbon transition. Here are some examples of what energy companies are going to be using their extra profits of:
- Total- their profits reached almost £10bn for the quarter. Whilst some believe that their commitments lack responsibility for some of their emissions, they plan to increase investment to bring 35GW of new renewable energy production capacity online by 2025. They also hope to become one of the world’s biggest renewable energy companies.
- Shell- profits for this company reached £11.5bn in their second quarter. Shell has set targets to reduce fossil fuels by 55% by 2030 and has said oil production will reduce by around 2% every year. However, it has been pointed out that shell plans do not align with the 1.5C temperature pathway.
- BP- this company had a £6.9bn profit in their second quarter, which was the biggest profit in 14 years. BP have plans to move away from being an oil company and become an integrated energy company. They have a target to reduce fossil fuels by 20% by 2030. They also reduce its fossil-based hydrocarbon by 40%.
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