In the first half of 2022, Glencore, the largest coal shipper in the world, expects to profit from the global energy crisis to the tune of roughly $9 billion, with plans to distribute more than half, or $4.45 billion, to shareholders in the form of dividends and share buybacks. The trader with headquarters in Switzerland announced on Tuesday that earnings for the first half of the year were up 877% from the same period in 2017.
Glencore’s mines in Australia, Colombia, and South Africa generate more than 100 million tonnes of thermal coal annually. And unlike the majority of its immediate rivals, Glencore defied investor pressure to move away from the dirtiest source of fuel by shifting some of its mining business to commodities like iron ore or copper, both of which have decreased dramatically this year. It is now benefiting from countries delaying or abandoning plans to wind down coal power output because of Russia’s conflict in Ukraine, which has reduced the availability of gas globally and tripled the price of coal.
The gas industry is also making historic profits.
Even while the record payouts are lawful, critics contend that the fossil fuel industry is effectively profiting off conflict and the global warming crisis, especially given that customers are being compelled to drastically reduce their energy use while experiencing an increase in their utility rates.
On Tuesday, UN Secretary General Antonio Guterres charged the sector with disgusting greed and pleaded with authorities to impose a windfall tax that would go toward aiding those who were having trouble paying their energy bills.
According to Guterres, it is wrong for oil and gas companies to be profiting record amounts from this energy crisis while putting the poorest individuals and communities at great environmental risk. I implore all governments to tax these obscene profits and use the proceeds to help the most helpless citizens get through these trying times.
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Quartz , Reuters , FT , Mining.com , Wall Street Journal , and Wall Street Journal are the sources.
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