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Shell “can’t be trusted” to invest profits in renewables, says IPPR
- The energy giant made profits of £6.2bn in Q1 of 2024, £4bn of which went straight to shareholders
- For every £1 Shell spent on moving to renewables, they spent £11 on enriching shareholders through buybacks and dividends
The UK’s leading progressive thinktank, IPPR, has responded to the announcement that Shell profits have risen to £6.2 billion ($7.7 billion) in the first quarter of 2024 and announced a new round of share buybacks, transferring £2.8 billion ($3.5 billion) to shareholders.
In the same period Shell invested just £349 million ($438 million) on renewables. During the first quarter of 2024, Shell invested 11 times more into share buybacks and dividends than renewables, transferring surplus cash to shareholders at the expense of green investments.
Dr George Dibb, associate director at IPPR, said:
“It is crystal clear that left to its own devices, Shell can’t be trusted to drive the green transition. For every £1 they spent on renewables in the last quarter, they spent £11 transferring excess cash to shareholders. Even Shell’s marketing budget is bigger than their renewables budget.
“It's time for the government to step in and introduce a share buyback tax, so the UK has the funds to deliver a large programme of green investment.”
