Hi John,
Just before the COP27 climate talks, Shell has again announced huge profits. Join us in calling on the government to tax fossil fuel corporations to fund climate compensation for the global south.
Yesterday Shell announced that it made $9.5 billion in profit in the last three months - more than double what it made this time last year.
This comes after months of escalating climate crisis around the world, and during an extreme cost of living crisis. Shell is to blame for both.
As well as ripping off households through sky-high energy bills, Shell and other fossil fuel corporations have evaded responsibility for the loss and damage their carbon emissions have wreaked across the global south.
We are calling on the UK government to support proposals for a loss and damage finance facility at COP27, and to tax big polluters like Shell to pay for it.
Will you join our call?
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Positive momentum for loss and damage
Fortunately, with less than two weeks until the UN climate talks in Egypt, we are starting to see some positive signs of progress.
It has now finally been confirmed that loss and damage will be on the agenda for the talks, after attempts by rich countries to block it being discussed at all.
After Denmark committed £12 million to loss and damage in September, the European Parliament passed a motion calling on the European Commission to support loss and damage at COP27. Germany has also signalled potential financial support for loss and damage, albeit for its own insurance-base scheme.
These are positive signs that rich countries are waking up to the urgency of loss and damage. Movements from the global south are suggesting that an agreement on this will be a litmus test for the success of the entire talks.
Can you help to build pressure on the UK government to support loss and damage at COP27?
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Climate catastrophe, cost of living = the same crisis?
But while the negotiations on what type of loss and damage scheme is needed are happening, we can’t forget that it’s polluters like Shell that must pay for it.
The same companies that have created and accelerated the climate crisis are the same ones reaping huge profits from household energy bills.
This is really a crisis of excessive corporate power and a total lack of accountability to people and planet.
Not only will Shell spend more of these profits on inflating its own share price than it will invest in green technology, it also won’t pay any windfall tax this year because of how much the company has invested in North Sea oil and gas.
Fossil fuel corporations are literally being incentivised to destroy the planet. Instead of letting them get away with it, we need immediate taxation on their climate polluting activities. This way, we can fund loss and damage while also helping to reduce household energy bills.
Will you join our campaign to make polluters pay?
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In solidarity,
Daniel Willis
Climate campaigner, Global Justice Now
PS. On Saturday 12 November we will stand together – a huge global movement of movements – to protest against the inadequacies of the COP process and show the world that now is the time for action. Find out what's happening in your area and get involved.
Read more:
1. Reparations and climate justice, Global Justice Now briefing, September 2022
2. ‘Passed the Point of No Return’, Loss and Damage Collaboration briefing, 26 October 2022
3. ‘EU Parliament wants more Cop 27 ambition’, Argus Media, 20 October 2022
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Powerful multinational corporations are continuing to fuel and profit from the climate crisis.
By coming together to challenge them, we can make a difference.
Regular gifts give us the long-term stability to plan effective campaigns, as well as the flexibility to react to key events.
If you’re not already a member, will you join today?
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