The day after being accused of misleading its investors over its renewable energy plans, Shell posted a record $39.9 billion in 2022 profits as it benefitted from the global upheaval caused by Russia’s invasion of Ukraine. On Wednesday, Global Witness submitted an official complaint to the Securities and Exchange Commission alleging the company “misstated its financial commitment to renewable sources of energy by inflating” its spending in the sector.
Global Witness alleges Shell spent just 1.5% of its total spending on renewable energy such as wind and solar, far below the 12% the company told its investors it would spend on “renewables and energy solutions” (which it says include carbon capture and retail methane gas and power sales). Shell’s nearly $40 billion in 2022 profits more than doubles its 2021 haul. It follows Chevron, which also announced record-high profits last week, and Exxon’s Tuesday announcement that it made more in profits than any western oil company, ever. (Accusations: Reuters, Washington Post $, Bloomberg $, The Guardian; Profits: Reuters, AP, CNN, New York Times $, CNBC)