Big 5 oil companies slammed for profits bigger than cost of Loss and Damage in global south
Date: 1 November 2022
Campaigns: Climate, General
Reacting to the news of fossil fuel giant BP’s third-quarter results, Daniel Willis, climate campaigner at Global Justice Now said:
“The Big 5 oil companies alone have announced over $170 billion in profits in 2022.(1) To put this into perspective, that is more than the $116 billion a year that loss and damage are estimated to cost the global south, to date.(2)
It doesn’t take much to connect the dots to see what’s happening here.
When fossil fuel companies are announcing record profits just days before COP27, it’s high time leaders joined those dots once and for all too and make polluters pay up for loss and damage. It’s clear they can afford to, and a polluter tax could help reduce household energy bills closer to home as well.
People here and in the global south have one thing in common when it comes to companies like BP, they’re ripping us off and think they can keep getting away with it at the expense of people and the planet. It’s high time we showed them the game is up.”
ENDS
Global Justice Now is a UK-based campaigning organisation.
Notes
- Big 5 oil companies profit announcements in 2022 (millions of dollars):
- Integrated Assessment for Identifying Climate Finance Needs for Loss and Damage: A Critical Review, Anil Markandya & Mikel González-Eguino, https://link.springer.com/chapter/10.1007/978-3-319-72026-5_14
Photo: Mike Mozart/Flickr (CC BY 2.0)
