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Climate Group response to oil and gas profits

8 February 2023, 12:31 UTC 1 min read

Sam Kimmins, Director of Energy at Climate Group, said:

“The record profits that oil and gas companies are announcing, at a time when so many consumers and businesses are struggling to keep their lights and heating on, is clear evidence our fossil fuel-based energy system is failing us.”

“Global investment in fossil fuels reached over a trillion dollars in 2022 and governments continue to heavily subsidise the industry, when all major oil and gas companies are making billions in profits every quarter. Rather than investing these profits to drive the energy transition, oil majors are still investing double the amount in fossil fuels in 2023 than they are in renewables.”

"We can’t afford to use taxpayers’ money to boost the profits of the most devastating industry. The perverse profits made by investing against the interest of humankind clearly disregards the urgency and gravity of the climate crisis.”

“The era of cheap fossil fuels is well and truly over. Governments need to invest their scarce funds into the net zero future, not subsidise the sunset industries. Energy costs will only come down when we invest in cheap, clean renewables.”