“Utterly obscene” BP profits show need for immediate climate action
The obscene profits of oil and gas companies underline the urgency of a windfall tax and a just transition to renewables, according to the Scottish Greens.
The comments come as BP publishes its latest quarterly report, which shows profits of £7.1bn for July-September 2022, more than double the profit over the same three months last year.
According to an analysis by Channel 4, BP invested £300 million into ‘low carbon’ technology in the first half of 2022, which is the equivalent of 2.5% of its profits for the same period. [1]
The Scottish Greens energy and environment spokesperson, Mark Ruskell MSP, said:
“The oil and gas giants may be raking in utterly obscene profits, but the planet is suffering and so are millions of households across the UK and beyond.
“Companies like BP are paying lip service to renewables while taking us ever closer to environmental breakdown. They aren’t doing it alone. They are being supported by a UK Government that is in the process of granting even more oil and gas exploration licences while the world burns.
“It is the worst kind of climate vandalism. We can’t go on like this. The more fossil fuels we burn now the greater the action that we will need to take if we are to have a sustainable future.
“At heart this is a question of what kind of future and what kind of planet we want to leave behind. If we want it to be one where future generations can live and thrive then we need far reaching climate action and we need it now.
“We can’t drill our way out of this crisis. Even trying to is totally irresponsible and incompatible with our international obligations. All governments need to be working towards a future beyond oil and gas, not doubling down on it.
“That is why we need to fundamentally change our energy system so that it works for people and the planet.
"One way that we can help to fund this is via a proper and meaningful windfall tax that can be reinvested in the green technology that is so badly needed. That would help to accelerate our pathway towards a just transition to renewables.
"Every day that is spent doing anything else is another day that has been wasted.”
[1] https://www.channel4.com/news/energy-companies-investing-just-5-of-profits-in-renewables