BP and Shell profits in 2024 more than double the UK’s climate financial commitments, new figures show.
The report by campaign group Global Justice Now show that the combined total of Shell and BP’s profits over 2024 amount to £26.2 billion.
In contrast, the UK has committed to spending £11.6bn on international climate finance between 2021/2022 and 2025/2026.
This comes after BP announced that their profits slumped by 36% last year, with Shell also revealing lower margins.
Shell say that the dip in profits in the sector is due to weaker oil prices and lower demand for the fossil fuel.
BP reported to the FTSE 100 that underlying replacement cost profits dropped from 13.84bn dollars (£11.21bn) in 2023 to 8.92bn dollars (£7.22bn) in 2024.
Fourth quarter earnings fell by more than expected, down 61% year-on-year to 1.17bn US dollars (£947 million) – the weakest result since 2020.
Reacting to the figures Scottish Greens’ climate spokesperson, Mark Ruskell MSP said: “Households and families across our country are suffering from eye-watering bills and a broken energy market, while BP and other fossil fuel giants are reporting astronomical profits.
He continued: “Yet, at the same time, as these companies have been raking in obscene profits, they have squandered the opportunity to invest in renewables. They have stuck to a broken system that is harmful for people and planet.
“It is time for Labour to close the loopholes in the windfall tax and ensure that these climate wreckers are paying their fair share so that we can support people who are being trapped in fuel poverty.”
