The energy giant BP has been accused of prioritising its profits over people and the planet after making £2.7 billion in profit over the last quarter, while investing £2 billion in fossil fuels.
Leading think tank IPPR said now was a time when energy companies should be urgently responding to climate change, but instead BP has “doubled down on its oil and gas business to reap enormous profits.”
For every £1 BP spent on low carbon investments in the last quarter, they invested £11 in fossil fuels it was revealed. And since the energy price shock began two years ago, BP has put nine times more into fossil fuels as renewables.
BP also completed more than £14.8 billion of buybacks from surplus cash flow whilst announcing a new round of share buybacks, which will transfer £1.2 billion to shareholders.
“It’s clear that oil and gas companies are prioritising their shareholders at the expense of the transition to clean energy, so the UK government must now take the reins by investing in renewables,” said Joseph Evans, IPPR researcher.
Although BP’s profits have actually fallen on last year, when the oil company saw mega earnings following the rise in oil prices after the Russian invasion of Ukraine, £2.7 billion profit between July and September remains extremely high as organisations ask why ordinary people are still facing high energy bills.
“The government has had countless opportunities to bring down our bills and emissions. Instead, all we’ve had are weakened green policies and massive tax breaks for oil and gas giants,” Friends of the Earth responded.
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