Tuesday, 12 November 2024

War: What's It Good For?

Oil and gas producers in Iran, Russia and Venezuela never reveal their annual profits. In spite of this, 2022 was clearly a bonanza for the world's 90 plus big fossil fuel companies. Actual profits that year exceeded expected values by circa $490 bn (https://www.theguardian.com/environment/live/2024/nov/11/cop29-live-the-climate-summit-gets-under-way-in-azerbaijan?filterKeyEvents=false&page=with%3Ablock-673201128f084530d737d6aa#block-673201128f084530d737d6aa). Russia's war with Ukraine in 2022, clearly greatly magnified the annual profits of oil and gas producers. War enhances 'greenhouse gas' emissions. It also encourages fossil fuel producers to extract even more product to chase growing profits. Perhaps, such 'super-profits' should be ploughed back into helping the global South reduce its emissions? Unfortunately, Iran, Russia and Venezuela are unlikely to contribute to this reparations pot.

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