While the world suffers from the dramatic consequences of unprecedented heat waves, fires and floods from one hemisphere to the other, Total intends to use these billions in ‘superprofits’ to extract more oil and gas.
I’m deeply sickened by yesterday’s announcement: the oil giant Total announced to its shareholders a profit of 5.7 billion dollars in the second quarter. Their triumphant declaration of these profits highlights the moral bankruptcy and the danger that the fossil fuel giants present to all of us.
Total is the worst French multinational in terms of greenhouse gas emissions and is responsible for some of the worst fossil fuel projects on the planet, including the East Africa Crude Oil Pipeline (EACOP) and destructive fracking in Patagonia. These profits would not be so outrageously high if Total had not profited from the horrific Russian invasion of Ukraine.
The intensification of climate impacts across the world is no accident, it is largely the manifestation of the limitless greed and power of the fossil fuel industry.
Despite the call of European governments to end the expansion of fossil fuels in the Global South and the International Energy Agency urging for an end to new investments in fossil fuels, Total is leading a gas race in Africa and recently struck billion dollar deals in Algeria and South Africa to extract and burn more of the continent’s fossil fuels
I will quote the words of my colleague Omar Elmawi, coordinator of the #StopEACOP campaign:
“It is appalling that Total Energies continues to reap obscene profits at the expense of people and the planet, even more so in Africa, the continent most vulnerable to climate change. One of the company’s largest projects in Africa, EACOP and associated oilfields, is facing sustained local and global resistance due to the threat it poses to communities and their livelihoods, as well as expected negative impacts on the environment and sensitive ecosystems in Uganda and Tanzania. We can stop EACOP and the wave of destruction it will leave in its wake, if we stop the financial flows to Total. We call on financial institutions not to support Total in this harmful project.”
It’s vital that we continue to disrupt the flow of money to greedy fossil fuel companies like Total from banks and other financial institutions.
While Total is making record profits, many people affected by EACOP in Uganda and Tanzania have still not received the money promised to them .
I was also super shocked to read in the French news, that Total did not pay taxes in France in 2020 and 2021 when public services need this money more than ever!!
Together with the “Never Again” campaign alliance, we’re pushing for public authorities to tax these super profits and diverting the proceeds to support the people who are struggling with high energy costs the most while also accelerating the ecological transition.
So far the government has refused this ‘windfall tax’ on rising energy profits and is allowing the fossil fuel industry to dictate our economic and political agenda for its own benefit. It is absolutely disgraceful and it’s not only happening in France. Experts just exposed that the immense wealth captured by oil states and fossil fuel companies since 1970 amounts to $52 trillion, or $2.8 billion a day globally, providing the power to “buy every politician, every system” and delay action on the climate crisis.
Enough is enough!
Total knew, Total lied, and Total, like all the other oil giants, must be held accountable and stopped!