BP, Shell, Chevron and Exxon have made almost $2tn in profits in the past three decades as their exploitation of oil, gas and coal reserves has driven the planet to the brink of climate breakdown, according to analysis for the Guardian.
The scale of their profits is revealed as experts say the fossil fuel boom is coming to an end, with big oil entering a “death knell” phase, according to one prominent Wall St commentator.
Analysis for the Guardian by Taxpayers for Common Sense in the US reveals that since 1990 – at which point the impact of fossil fuel extraction on the climate had been well known to industry leaders and politicians for years, experts say – the big four companies have accumulated $1.991tn in profits.
Critics say the findings highlight how a few corporations have generated extraordinary wealth by pursuing policies that were known to be driving the climate crisis.
The climate scientist Michael Mann said he was witnessing first-hand in Australia the environmental impact of fossil fuel extraction.
“Here in Sydney, where we’ve seen record drought, heat, bushfires and floods all in the short two months I’ve been here, this latest report provides a sobering reminder that we’re all paying the price – in the form of a planetary climate crisis – so that a few mega-corporations can continue to make record profits,” he said.
The analysis shows that Exxon was the most profitable of the big four over the past three decades, making a total of $775bn. Shell was second with $524bn, followed by Chevron on $360bn and BP on $332bn.
Autumn Hanna, of Taxpayers for Common Sense, said: “For decades, oil and gas companies have been pocketing trillion-dollar profits and padding their bottom line with tens of billions of dollars in taxpayer subsidies. All while passing the buck on climate change.”Read More At Inside Climate News
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