BEIRUT, LEBANON, February 28, 2025 /EINPresswire.com/ -- As climate disasters escalate and countries lag in meeting their Nationally Determined Contributions (NDCs) -the plans by which they commit to reducing their national emissions and adapting to the impacts of climate change-, the world’s largest oil and gas companies have once again declared staggering annual profits.
The profits of five of the biggest international oil companies, ExxonMobil, Shell, BP, TotalEnergies, and ENI, reached around 90 billion dollars in 2024. The record-breaking earnings of these companies are a direct result of their relentless expansion of fossil fuel extraction, despite overwhelming scientific consensus that oil and gas must rapidly phase out. Instead of reinvesting in equitable renewable energy solutions, oil giants have funneled their profits into stock buybacks, shareholder dividends, greenwashing campaigns, and further backtracking on their climate commitments.
Kenzie Azmi, Campaigns Lead for Stop Drilling, Start Paying at Greenpeace Middle East and North Africa (MENA), commented:
“Big Oil continues to rake in billions, fueling the crisis they helped create, at a time when entire communities are bearing the brunt of climate change. The 2024 Regional Assessment Report on Disaster Risk Reduction in the Arab Region highlights that the region is facing escalating climate-related risks, with temperature increases accelerating at +0.5°C per decade. This is exacerbating wildfires, water scarcity, crop failures, and extreme flooding events, such as the 2024 flooding and windstorms, which left more than half a million Yemenis severely impacted.”
Meanwhile, governments around the world are still failing to meet their existing climate pledges. Only 15 of the 195 countries met the 10 February 2025 deadline to communicate their 2035 NDCs to the UNFCCC Secretariat. This delay plays directly into the hands of the fossil fuel industry, which thrives on inaction and loopholes that allow them to continue drilling, polluting, and profiting.
Azmi pointed out, "While decision-makers promise action at COP conferences, they continue to approve new oil and gas projects. We cannot allow a handful of corporations to sacrifice our future for short-term profits. Big Oil needs to be held financially responsible for the damage they have caused by implementing financial mechanisms such as taxes or fees on their profits or on continued extraction.”
“Unlocking additional finance by making polluters pay can help our countries in the Global South set and achieve ambitious targets and play a leading role in mitigating the climate crisis.,” Azmi concluded.”
The profits of five of the biggest international oil companies, ExxonMobil, Shell, BP, TotalEnergies, and ENI, reached around 90 billion dollars in 2024. The record-breaking earnings of these companies are a direct result of their relentless expansion of fossil fuel extraction, despite overwhelming scientific consensus that oil and gas must rapidly phase out. Instead of reinvesting in equitable renewable energy solutions, oil giants have funneled their profits into stock buybacks, shareholder dividends, greenwashing campaigns, and further backtracking on their climate commitments.
Kenzie Azmi, Campaigns Lead for Stop Drilling, Start Paying at Greenpeace Middle East and North Africa (MENA), commented:
“Big Oil continues to rake in billions, fueling the crisis they helped create, at a time when entire communities are bearing the brunt of climate change. The 2024 Regional Assessment Report on Disaster Risk Reduction in the Arab Region highlights that the region is facing escalating climate-related risks, with temperature increases accelerating at +0.5°C per decade. This is exacerbating wildfires, water scarcity, crop failures, and extreme flooding events, such as the 2024 flooding and windstorms, which left more than half a million Yemenis severely impacted.”
Meanwhile, governments around the world are still failing to meet their existing climate pledges. Only 15 of the 195 countries met the 10 February 2025 deadline to communicate their 2035 NDCs to the UNFCCC Secretariat. This delay plays directly into the hands of the fossil fuel industry, which thrives on inaction and loopholes that allow them to continue drilling, polluting, and profiting.
Azmi pointed out, "While decision-makers promise action at COP conferences, they continue to approve new oil and gas projects. We cannot allow a handful of corporations to sacrifice our future for short-term profits. Big Oil needs to be held financially responsible for the damage they have caused by implementing financial mechanisms such as taxes or fees on their profits or on continued extraction.”
“Unlocking additional finance by making polluters pay can help our countries in the Global South set and achieve ambitious targets and play a leading role in mitigating the climate crisis.,” Azmi concluded.”
Hiam Mardini
Greenpeace MENA
+ +961 71 553 232
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