Energy giant Shell has reported its highest ever quarterly profits as oil and gas prices surge around the world.
Shell made $9.13bn (£7.3bn) in the first three months of the year, nearly triple its $3.2bn profit it announced for the same period last year.
The energy giant reported an underlying profit of $6.2bn (£4.9bn) compared to $2.6bn in the same period last year – ahead of expectations.
BP said the increase was due in part to “exceptional oil and gas trading”.
Rising profits have prompted calls for a one-off windfall tax on energy companies to help UK households grappling with rising bills.
Actor and former governor of California, Arnold Schwarzenegger, has become a champion of clean air and renewable energy, and speaks powerfully about tackling climate issues.
BBC News »
A mass psychosis is an epidemic of madness and it occurs when a large portion of a society loses touch with reality and descends into delusions. Such a phenomenon is not a thing of fiction. Two examples of mass psychoses are the American and European witch hunts 16th and 17th centuries and the rise of totalitarianism in the 20th century.
What is it? How does is start? Are we experiencing one right now?
“Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.”
» Thomas Paine, The American Crisis
Video below ⤵️
Countries that are slow to decarbonise will suffer but early movers will profit; the study finds that renewables and freed-up investment will more than make up for the losses to the global economy.
It highlights the risk of producing far more oil and gas than required for future demand, which is estimated to leave $11tn-$14tn (£8.1tn-£10.3tn) in so-called stranded assets – infrastructure, property and investments where the value has fallen so steeply they must be written off.
The lead author, Jean-Francois Mercure of the University of Exeter, said the shift to clean energy would benefit the world economy overall, but it would need to be handled carefully to prevent regional pockets of misery and possible global instability.
“In a worst-case scenario, people will keep investing in fossil fuels until suddenly the demand they expected does not materialise and they realise that what they own is worthless. Then we could see a financial crisis on the scale of 2008,” he said, warning oil capitals such as Houston could suffer the same fate as Detroit after the decline of the US car industry unless the transition is carefully managed.
One nation alone, China, accounts for more than 40% of the world’s greenhouse gas emissions from burning coal. China is not joining the world in this commitment and instead promises to increase building coal fired power plants to meet soaring power demand.
To boost coal output, China has “revived old mines, hurried through permits for expansions and loosened some safety regulations. They’ve also stepped in on prices to ensure electricity generators are incentivized to fully use power plant capacity.” (Bloomberg)
China is also seeking to increase imports of foreign coal. China’s demand for the fossil fuel in the power and industrial sectors could break the country’s 2013 record for emissions from coal.
Billionaire media mogul Michael Bloomberg, who also serves as the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, today told an audience at the COP26 Climate Summit in Glasgow that his Bloomberg Philanthropies foundation would launch a new effort to accelerate the closure of coal plants globally.
The campaign will support UN Secretary-General Antonio Guterres‘ long-standing calls for coal power to be phased out in OECD and the EU27 by 2030 and by 2040 everywhere else.
As such, the Bloomberg Philanthropies campaign has set a target to work to close a quarter of the world’s 2,445 remaining coal plants and all 519 proposed new coal plants by 2025, in a move that will dramatically expand its current efforts to support coal phase outs in seven countries and the EU. Specifically, the campaign will be extended to an additional 25 developing countries where coal power is projected to rapidly grow.
To continue progress on transitioning beyond coal, the Bloomberg Global Coal Countdown is now equipped with features to track the state of coal. Together with @PastCoal, we’re hopeful these updates will rally global support at @COP26 for increased action. https://t.co/iKgdVW1DH0 pic.twitter.com/MsBn3hfdBZ
— Bloomberg Philanthropies (@BloombergDotOrg) November 1, 2021