This week, the main oil and gas company reported a 11 -point profit in the second quarter. At the same time, inflation has reached the highest 40 years worldwide and the recession is visible. The obscene profit from the fossil fuel industry is booming when determined by many households that are currently struggling to pay basic warming, cooling, and food needs.
At present, high energy prices are one of the main factors that encourage inflation, and the price is embedded into every aspect of daily life, the most obvious in the gas pump but also in shipping costs that affect everything from production to production to towels paper.
Meanwhile, ExxonMobil four times last year with $ 17.85 billion. Shell defeated the previous quarterly with $ 11.5 billion. Chevron entered with $ 11.62 billion in reported profits. This happened after the new analysis last week which counted $ 2.8 billion per day in pure profits for the oil and gas industry for the past 50 years.
These companies have tried to reduce criticism that this profit sacrificed consumers. In a statement, the Chief Executive of Chevron, Mike Wirth, said: “We are more than double the investment compared to last year to foster a traditional and new energy business line … Chevron increases the energy supply to help meet the challenges faced by the global market.”
Wherever the investment doubling is running, it is not included in renewable energy that will reduce global disorders that the world is seen today from high energy prices and decarify energy grids, which are very important to meet climate goals. In 2018, fossil fuel companies only spent 1% of their budget for green energy.
We need a fast spread of renewable energy. Solar and wind power technology is ready for the market and competitive costs. Even when calculating environmental protection, land constraints and technical feasibility, solar energy and wind alone can provide power to the world more than 50 times, meet the energy demands of each person in each region in the world.
Energy prices alone will not be enough to encourage the type of decarbonization needed to meet climate goals. During several decades climate policy has been designed based on the theory that we can reduce the demand for fossil fuels and raise carbon prices and that markets – turbocharged by alternatives such as wind and sun that are now cheaper than fossil fuels – will respond by limiting supply. But that does not happen quickly because there is currently no mechanism to ward off tax relief, fossil fuel subsidies and delay the tactics that distort the market.
Advertisement
This profit record is salt in the wound when we have seen that fossil fuel companies have succeeded in lobbling the G20 government for $ 151 billion in the Covid-19 recovery package above their profits. They also spent nearly $ 200 million a year lobbying to delay, control or block policies to overcome climate change. In Canada alone, the oil and gas industry currently lobbies $ 50 million in the number of governments for carbon capture on its own projects, fake solutions in urgent needs for climate action.
We cannot rely on the fossil fuel industry to destroy the business as usual, especially those that provide unthinkable benefits for the industry while we are all scrolling from the ripple effect of high fuel prices. That is why there is an urgent need for non-pro-processing fossil fuel agreements to end the expansion of oil, gas and coal, removing existing production to limit heating to a level that can be managed and accelerates the transition of fair energy in which rich fuel-producing countries and fossil fossil fossil fossils Fossils lead and support other countries so that there is clean energy that is affordable from the sun, wind and water for everyone.