2nd May 2024, London – Shell’s announcement today that it made £6.1 billion ($7.7 billion) in the first three months of this year reveals that the climate-wrecking fossil fuelled energy system continues to benefit big polluters and their shareholders to the detriment of everyone else, according to Global Witness.
This £6.1 billion ($7.7 billion), amounting to £46,600 per minute, comes despite global energy prices dipping in recent months. Global Witness reveals the profits that Shell has made per minute could more than cover the average annual salary of a UK nurse.
Shell’s figures also reveal substantial gains for shareholders, with shareholder dividends totalling £1.8 ($2.2 billion) and repurchased shares worth £2.2 billion, following last year’s trend of high
shareholder payouts.
Alexander Kirk, Fossil Fuel Campaigner at Global Witness, said:
“Shell continuing to rake in huge sums of money shows us that huge polluter profits were not a one-off but are the twisted reality of an energy system that benefits climate-wrecking companies to the cost of everyone else.”
“Companies like Shell saw record profits while the energy crisis dragged millions of families into poverty through unaffordable energy bills. Meanwhile fossil fuel giants fought hard against paying more tax.
“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.”
Notes to Editor
- Underlying data and calculations available upon request.
- Average nurses' salary is taken from the Office of National Statistics latest 2023 provisional data which states that the median salary for someone in the nursing profession stands at £33,195. Shell’s £46,600 per minute could pay the salary of 1.4 nurses every minute.