economy
Climate campaigners attack Shell over ‘windfall’ profits from Iran war
Firm benefits from conflict to rake in $6.9bn as higher energy prices turbocharge profits
TL;DR
- Shell's first-quarter profits reached $6.9 billion, exceeding forecasts and marking a 115% increase from the previous quarter.
- Soaring energy prices, influenced by the war in Iran, significantly benefited Shell's oil traders.
- The company announced a 5% dividend increase for shareholders.
- Climate campaigners, including Chris Packham and groups like Fossil Free London and Friends of the Earth, criticized Shell for 'profiting from war' and urged for higher windfall taxes.
- Disruptions in global energy markets and attacks on energy infrastructure in Qatar also impacted Shell's operations and production.
- Calls are intensifying for governments to implement taxes on these excess profits to aid households and invest in renewable energy.