- Today, oil giant TotalEnergies announced staggering second quarter profits of US$5.7 billion to shareholders.
- This follows last week’s revelation that the vast wealth captured by petrostates and fossil fuel companies since 1970 is $52 trillion or $2.8 billion per day, providing the power to “buy every politician, every system” and delay action on the climate crisis according to the author of this groundbreaking analysis.
The oil giant is responsible for some of the most destructive fossil fuel projects on the planet, including the controversial East African Crude Oil Pipeline and fracking across Vaca Muerta, Argentina. This announcement shines a spotlight on the moral bankruptcy and danger posed by oil majors – these corporations are ruthlessly profiteering off war in Ukraine, at a time when tens of millions of people are currently suffering from the combined impacts of the climate crisis and the cost of living scandal.
Despite European governments calling for an end to fossil fuel expansion in the global South and the International Energy Agency demanding an end to new fossil fuel investments, Total is currently leading a dash for gas in Africa, recently securing billion dollar deals in Algeria and South Africa to extract and burn more fossil fuels from the continent. Total’s planned operations will be devastating for people and the planet – their actions will benefit a handful of wealthy shareholders at huge cost to local communities and the climate.
“As Total declares massive profits, people in Africa are fighting for their homes and lives following displacement by the oil major, as it seeks expansion of its fossil fuel projects. What’s even worse is the struggle for most Africans to turn the tide against climate change which has severely impacted their lives and livelihoods. Meanwhile, Total makes vague promises of job creation in the oil and gas sector while it causes significant job losses in the agricultural and tourism sector. Total’s business has no place in Africa; the future the world needs is one that no longer burns fossil fuels,” said Charity Migwi, Africa Regional Campaigner – 350.org.
Author: Bryan Groenendaal
Source: 350.org
