Shell initially said it did not expect to pay any windfall tax for 2022, as its North Sea investments meant was not considered to have made any UK profits.
But on 2 February it announced that it would pay $134m (£108m) for 2022, and expected to pay more than $500m (£400m) for 2023.
BP said it would pay $700m (£583m) in windfall tax for 2022.
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BP and Shell both received more money back from the UK government than they paid every year from 2015 to 2020 (except 2017, when Shell paid more than it received).
Shell also paid a negative amount of tax in 2021, taking its 2015 to 2021 total to -£685m of tax in the UK.
Unions call on government to ‘expand windfall tax on energy producers’ as public face 40% hike in bills from April
Activists gather at Glengad Beach in Co Mayo as the pipe laying vessel the Solitaire makes its way into Broadhaven Bay
THE government must “get real” on profiteering and increase windfall taxes on oil and gas companies, campaigners and unions urged today as Shell revealed its highest profits in its history.
The oil giant said that core profits rocketed to $84.3 billion (£68.1bn) in 2022 in what is one of the highest gains ever recorded by a British company.
The public face a 40 per cent hike in energy bills from April on top of soaring bills and the cost-of-living crisis.
Following pressure, the government launched a windfall tax, called the energy profits levy, on bumper profits made by producers last year.
Shell said it was due to pay $134 million (£109m) through the levy for 2022, representing just a fraction of its mammoth profit.
This is the second report this month to call for a ban on flaring in the next two years. A cross-party report by the House of Commons environmental audit committee made the same recommendation on 5 January.
Mr Skidmore was commissioned by the former prime minister, Liz Truss, to review UK proposals to reach net zero emissions by 2050.
Last year, the government accepted a ruling by the High Court that its net zero strategy was unlawful. The landmark judgement agreed with arguments by Friends of the Earth, ClientEarth and Good Law Project that the strategy failed to show how the UK’s legally-binding carbon budgets would be met.
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The review ran to 340 pages and had 129 recommendations.
It said flaring was responsible for 22% of carbon emissions on oil and gas fields. About 70% of oil and gas field emissions were from powering equipment on platforms, it said.
The offshore industry published a Methane Action Plan in 2021 to reduce emissions and flaring. This committed the industry to a 50% methane emission reduction by 2030, compared with 2018 levels. Shell has committed to zero routine flaring by 2025.
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Net zero: Tory MP warns government must take urgent action to meet climate goals
From 11am on Monday November 21st, Extinction Rebellion and other aligned groups took nonviolent action at thirteen sites across central London, targeting the offices of companies and organisations which have links to the fossil fuel industry. The groups sent a universal message that it’s time to ‘cut the ties’ with fossil fuels.
Actions took place at BP, Hill+Knowlton Strategies, BAE Systems, Church House, Ineos, Eversheds Sutherland, Schlumberger, the International Maritime Organisation, the Institute of Economic Affairs, JP Morgan, Arch Insurance, the Ontario Teachers Pension Plan and the Department for Business, Energy and Industrial Strategy.
The actions follow the conclusion of COP27 in Egypt, which was widely criticised for the heavy presence of representatives of oil and gas companies. Hill+Knowlton Strategies, one of the companies targeted today, has worked for fossil fuel companies ExxonMobil, Shell, Chevron and Saudi Aramco and recently managed communications for Egypt’s presidency of the UN climate conference at Sharm El Sheikh.
Extinction Rebellion spokesperson, Sarah Hart, said:“Behind incomprehensible government decisions to double down on fossil fuel development, sign off new oil exploration licenses and allow the big energy companies to rake in record profits, lies a network of companies and organisations that are profiting from this destructive path.
“While the rest of us worry about the cost of turning the heating on our government is prioritising the profits of the very companies that are jeopardising our climate and environment. But everyday people are way ahead of politicians. They want to be able to heat their homes and they want a future for their children.
“So today, Extinction Rebellion are sending the message that it’s time to cut the ties with fossil fuels or lose the social license to operate in the UK.”
DETAILS OF THE ACTIONS:
XR Cymru at Hill+Knowlton Strategies offices, Clerkenwell Green XR Cymru splattered fake oil over the offices of public relations consultancy Hill+Knowlton Strategies. Hill+Knowlton has worked for fossil fuel companies ExxonMobil, Shell, Chevron and Saudi Aramco and recently managed communications for Egypt’s presidency of the UN climate conference at Sharm El Sheikh.
IEA Writers Rebel. Photo: Extinction Rebellion.
Writers Rebel at the Institute of Economic Affairs, Lord North Street Writers Rebel poured fake oil on the front steps of free market think tank the Institute of Economic Affairs. The institute, located just meters from the Houses of Parliament, has received money from fossil fuel companies, regularly publishes materials questioning the consensus on climate science and has huge influence on politicians.
21st Nov 2022. J P Morgan offices, 60 Victoria Embankment, London, UK. Three Doctors for XR arrested after pasting posters and gluing themselves to the outside windows.Photo: Extinction Rebellion.
Doctors for XR at JP Morgan, Victoria Embankment Doctors for XR glued themselves to the windows at the London HQ of JP Morgan and pasted images to the front facade of the building depicting scenes of climate breakdown both here in the UK and overseas. JP Morgan are the world’s biggest fossil fuel financiers.
Christian Climate Action at BAE Systems offices, Carlton Gardens Christian Climate Action left handprints of fake blood and oil on the offices of Britain’s leading arms manufacturer BAE Systems. BAE Systems supply weaponry to conflicts which increase the vulnerability of people living on the front lines of climate change. The arms giant also provides military and technical support to Saudia Arabia, enabling the regime’s oil production.
Christian Climate Action. Photo: Extinction Rebellion Holly
Christian Climate Action at Church House, Great Smith Street Christian Climate Action also took action outside Church House in Westminster to highlight the Church of England’s failing strategy to stay invested in fossil fuels and influence the industry as shareholders.
A spokesperson for Christian Climate Action, said: “The Church should be showing moral leadership in rejecting profiting from investments in companies that continue to fuel climate suffering.”
Plastics Rebellion at Ineos offices, Hans Crescent Plastics Rebellion sprayed fake oil outside the offices of Ineos, one of the world’s largest petrochemical producers and a significant player in the oil and gas market. Many of the plastics produced in the UK start their life at the INEOS Grangemouth refinery.
HS2 Rebellion at Eversheds Sutherland, Wood Street HS2 Rebellion sprayed the offices of multinational law firm Eversheds Sutherland with fake oil. As solicitors for HS2 and Esso, Eversheds Sutherland have been forerunners in criminalising nonviolent environmental protest through the use of injunctions.
XR East of England and XR Youth at Schlumberger offices in London, Buckingham Gate XR East of England and XR Youth poured fake oil over a globe at the offices of the world’s largest oilfields services provider Schlumberger to expose their complicity in ecocide. As the world’s largest oilfield services provider, Schlumberger enable fossil fuel extraction, operating in 120 countries around the world, with over 36,000 patents dedicated to extracting every last drop of oil and gas from the ground.
Ocean Rebellion at the International Maritime Organisation, Albert Embankment Ocean Rebellion held protests outside the offices of the International Maritime Organisation where performances illustrated the UN shipping body’s refusal to regulate shipping emissions. A heavy plume of smog filled the air and an oil slick appeared on the ground with dead birds caught in it.
Money Rebellion at Arch Insurance, Great Tower Street Money Rebellion poured fake oil at the offices of Arch Insurance. Arch Insurance are understood to be in negotiations with fossil fuel giant Total regarding the insurance of the East Africa Crude Oil Pipeline (EACOP), a project that will jeopardise important ecosystems, fuel climate change and pose significant risks to millions of people. Money Rebellion is there to say ‘Arch must rule out EACOP’.
Sky Rebellion at Ontario Teacher’s Pension Plan, Portman Square Sky Rebellion poured fake oil in front of the London offices of Ontario Teacher’s Pension Plan. The Canadian based pension fund invests in infrastructure projects including the controversial expansion of Bristol Airport which it owns.
XR South East at BP. Photo: Extinction Rebellion
XR South East at BP HQ, St James’ Square XR South East used fire extinguishers to spray fake on oil BP headquarters in central London.
A spokesperson for XR South East, said: “The addiction to fossil fuels must end. The huge fossil fuel corporations like BP and those who aid and abet them KNOW what we face. BP hides the dirty secrets that lie behind its latest big profit of £7,100,000,000. Enough is enough. Today we are exposing the ties between the collaborators and we will piece together the web of lies with our actions.”
XR South West at the Department for Business, Energy and Industrial Strategy, Victoria Street XR South West sprayed fake oil on the Department for Business, Energy and Industrial Strategy to protest against its plans to issue more than 100 new licences for exploration and extraction of oil and gas in the North Sea – meaning renewed and accelerating extraction way beyond 2030 and way beyond the UK’s Paris Agreement commitments.
XR Rhythms (marching between the locations listed above) In June, London endorsed the Fossil Fuel Non-Proliferation Treaty, so XR Rhythms is marching through London to highlight the web of fossil fuel enablers still working in our city. We want to drum out fossil fuel investments and celebrate the future transition to a more sustainable economy!
Oil and gas giant BP has reported profits of £7.1bn between July an September 2022. The staggering bumper profits come as oil and gas prices remain high following Russia’s invasion of Ukraine.
BP’s profits, which are double that of the same period last year, have been slammed by environmental groups and the left, who have highlighted both the climate and cost of living crises – the latter being largely driven by energy prices. There have also been renewed calls for increasing the windfall tax on fossil fuel companies.
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The reports of BP’s mega-profits come just days after Shell reported similar figures. Shell made £8.2bn between July and September 2022 and did not pay anything in the oil and gas windfall tax. That’s because of a loophole in the windfall tax which gives tax breaks to companies for investing in more fossil fuel extraction. BP has said it will pay $800m in windfall tax this year.
