"While the big five oil companies registered record profits on the back of the energy crisis, relatively little will be reinvested in renewables as climate goals are slashed."
"Oil and gas giant Shell last week announced a historic near $40 billion (€37.18 billion) profit in 2022. Other multinational energy firms have simultaneously registered record windfalls, among them BP and fossil fuel powerhouse, ExxonMobil.
The super profits are thanks in large part to spiraling energy prices driven by Russia's invasion of Ukraine.
Amid skyrocketing consumer energy costs, the likes of US president Joe Biden have labelled the wins a "windfall of war" and demanded higher taxes.
But the oil and gas bonanza has sparked a parallel concern that climate mitigation targets are being sacrificed for profits."
Stuart Braun reports for DW February 10, 2023.
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