BP announces quarterly profits

Press release
The fossil fuel giant rowed back on its climate goals earlier this year off the back of record annual profits
  Published:  01 Aug 2023    |      1 minute read

Reacting to the news that BP has posted profits of £2bn for the last quarter, Imogen Dow, warm homes lead at Friends of the Earth, said:

“As BP reports its quarterly profits have fallen, let’s not forget that 2022 was its most profitable year on record, and that it’s still the beneficiary of massive tax breaks from the UK government. Meanwhile the drop in wholesale gas and oil prices is yet to make any material difference to the nation’s bills, which are projected to remain high for some time to come. This means millions more are likely to struggle through bitterly cold temperatures in homes they can’t afford to heat when winter rolls around.

“With BP’s earnings for last year more than double 2021’s takings, you’d think it might have significantly increased investment in clean and cheap renewable energy – but earlier this year the oil and gas giant retreated on its climate commitments instead.

“If soaring energy prices have taught us anything, it’s that we need to get off oil and gas for good – not forge ahead with hundreds of new licences as the Prime Minister announced yesterday. Insulating our heat-leaking homes and unlocking the UK’s homegrown renewable power potential is the sure way to bring down bills, guarantee our energy security and slash harmful emissions.”