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Shell profits from climate change
27 October 2005
Friends of the Earth today slammed oil giant Shell's record profit increase, saying that people and the environment were paying the price. The company reported an increase in profits of 68 per cent on the same period last year - exceeding the record profits reported by rival oil giant BP earlier this week [1].
The environmental group said that it was unacceptable that communities living next door to Shell's facilities were still suffering from health problems and environmental contamination while the company recorded massive profits.
What is more, Shell's hurricane-hit neighbours in Texas and Louisiana now face a potential increase in pollution levels as the US Government introduces new energy legislation which will eliminate key air-quality measures under the guise of encouraging refining capacity [2].
Shell's activities are also contributing to climate change - described by Prince Charles today as the greatest challenge we face. Friends of the Earth repeated calls for a windfall tax on oil companies which have shown record profits this year as a result of the high price of oil.
Friends of the Earth's Senior Corporates Campaigner Craig Bennett said:
"Shell is profiting from climate change, profiting from pollution and damaging the lives of communities around the world. This is simply unacceptable for a company that claims to be responsible. The UK Government must not sit back and let this happen. It must curb oil company profits, but also demand higher standards from UK companies operating overseas.
He continued:
"Shell must not use the hurricane and subsequent oil shortage as an excuse to lower environmental standards. The communities living on the gulf coast have already suffered enough."
Notes
[1] For full details of Shell's results see www.shell.com
[2] www.environmentalintegrity.org/pub344.cfm
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Published by Friends of the Earth Trust
Last modified: Jun 2008
