[ "The global energy crisis has been a giant cash grab for fossil
fuel firms," said one campaigner. "And instead of investing their
record profits in clean energy, these companies are doubling down on
oil, gas, and shareholder payouts."]
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FOSSIL FUEL GIANTS TO LAVISH SHAREHOLDERS WITH RECORD PAYDAYS AS
CLIMATE CRISIS DEEPENS  
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Julia Conley
January 1, 2024
Common Dreams
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_ "The global energy crisis has been a giant cash grab for fossil
fuel firms," said one campaigner. "And instead of investing their
record profits in clean energy, these companies are doubling down on
oil, gas, and shareholder payouts." _

, Chris J Ratcliffe / Greenpeace

 

The year 2023 was marked by weather events that made it increasingly
clear that the Earth has entered what United Nations Secretary General
António Guterres called
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"era of global boiling," with wildfires
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heatwaves
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millions of people and scientists confirming
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suffering was the direct result of fossil fuel extraction and
planetary heating.

But for the world's five largest oil giants, the year marked record
profits and the approval of several major new fossil fuel projects,
allowing the companies to lavish their shareholders with payouts that
are expected to exceed $100 billion—signaling that executives have
little anxiety that demand for their products will fall, said one
economist.

The companies—BP, Shell, Chevron,ExxonMobil
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TotalEnergies—spent $104 billion on shareholder payouts in 2022, and
are expected to reward investors with even more in buybacks and
dividends for 2023, _The Guardian_ reported.

Shell announced plans in November to pay investors at least $23
billion—more than six times the amount it planned to spend on
renewable energy projects—while BP promised shareholders a 10% raise
in dividends and Chevron could exceed the $75 billion stock buyback it
announced early last year.

Alice Harrison, a campaigner for Global Witness, noted that fossil
fuel shareholders will be enjoying their paydays as households across
Europe struggle with fuel poverty and the world faces the rising
threat of climate disasters brought on by the industry.

"The global energy crisis has been a giant cash grab for fossil fuel
firms," Harrison told _The Guardian_. "And instead of investing their
record profits in clean energy, these companies are doubling down on
oil, gas, and shareholder payouts. Yet again millions of families
won't be able to afford to heat their homes this winter, and countries
around the world will continue to suffer the extreme weather events of
climate collapse. This is the fossil fuel economy, and it's rigged in
favor of the rich."

In 2023 campaigners intensified their demands for accountability from
the oil, gas, and coal industries, and as of last month had
successfully pressured
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than 1,600 universities, pension funds, and other institutions to
divest from fossil fuels. In the U.S., provisions in the Inflation
Reduction Act, which has been touted
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investment in climate and energy in American history," went into
effect.

But Dieter Helm, a professor of economic policy at the University of
Oxford, _The Guardian_ that if the industry were truly fearful of
policymakers phasing out fossil fuel extraction and expediting a
transition to renewable sources, they would be spending far less on
new projects and shareholder payouts.

"For this to be the case you would have to believe that the energy
transition is happening, and that demand for fossil fuels is going to
fall," Helm told _The Guardian._

In 2023, U.S. President Joe Biden infuriated
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campaigners by approving the Willow oil drilling project in Alaska,
which could lead to roughly 280 million metric tons of heat-trapping
carbon dioxide emissions. His administration also included
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a debt limit deal language that would expedite the approval of the
Mountain Valley Pipeline, which could emit the equivalent of more than
89 million metric tons of carbon dioxide, while the U.K.
government greenlit
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drilling field in the North Sea and French company
TotalEnergies continued [[link removed]] to
construct the 900-mile-long East African Crude Oil Pipeline, which
would transport up to 230,000 barrels of crude oil per day.

"These companies are investing a huge amount in new projects, and
they're handing out bigger dividends because they are confident that
they're going to make big returns," Helm said. "And when we look at
the state of our current climate progress, who's to say they're
wrong?"

Climate campaigner Vanessa Nakate pointed out that the shareholder
paydays are expected following a deal on a loss and damage fund 
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annual United Nations Climate Change Conference, aimed at helping
developing countries to fight the climate emergency. That fund was
hailed as "historic" and included a commitment of $700 million
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wealthy countries—a sum that is expected to be dwarfed by fossil
fuel investors' profits.

"They have picked people's pockets, fueled inflation and pollution,
and deepened poverty," U.K. House of Lords member and Tax Justice
Network co-founder Prem Sikka said
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oil giants. "Governments do nothing to end their monopolistic control.
Need to break-up this cartel."

_Julia Conley is a staff writer for Common Dreams._

* big oil
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* super profits
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* Climate Change
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