The Guardian | Despite record profits and growing concerns about climate change, Shell continues to heavily invest in fossil fuels, drawing sharp criticism from activists and campaigners.
Shell’s latest financial report reveals a concerning trend: investments in renewable energy have fallen to a mere 8% of the company’s total spending. This comes after the oil giant controversially watered down its carbon emission targets earlier this year. While the company reported better-than-expected profits, driven largely by gas sales, critics argue this short-term strategy undermines long-term sustainability and ignores the urgent need to transition away from fossil fuels.
“Shell’s focus on fossil fuels jeopardizes the future of the company,” says Mark van Baal, founder of the activist shareholder group Follow This. The group has been vocal in demanding Shell increase its investments in renewable energy to secure a sustainable future.
Shell’s CEO, Wael Sawan, defends the company’s strategy, claiming they are “delivering more value with less emissions.” However, the company’s plans to expand gas production contradict warnings from climate experts who stress the need to limit new fossil fuel projects.
Adding fuel to the fire, Shell is implementing cost-cutting measures that include job losses in both its fossil fuel and low-carbon divisions. This move has sparked outrage from climate campaigners and even Shell employees, who argue these cuts will hinder the company’s ability to develop and implement renewable energy solutions.
As the world grapples with increasingly severe climate impacts, the pressure is mounting on oil companies like Shell to take responsibility and accelerate the transition to clean energy.
