Oil giant says it will reward shareholders with $3.5bn - as big investors threaten revolt over 'climate-wrecking' policies
Shell said the results were driven by lower operating expenses, and increased margins from crude and oil products and refining, all of which offset lower liquefied natural gas trading. But the strong figures also fuelled a backlash over the company’s climate change efforts, with critics pointing out Shell spends more on marketing than it does on renewables.Dr George Dibb, of the IPPR, said: “It is crystal clear that, left to its own devices, Shell can’t be trusted to drive the green transition. For every £1 they spent on renewables in the last quarter, they spent £11 transferring excess cash to shareholders.
“This is the sad irony of the global energy system in which those causing chaos are the ones getting rich. This spiral won’t stop until we make the urgent switch to a fairer renewable energy system that puts both people and planet first.”“On a day where climate leaders are negotiating in Abu Dhabi how to help the world’s poorest meet the skyrocketing costs of climate loss and damage, Shell continues to bank billions from flogging the fuels that are driving the crisis.