Shell announces USD 6 billion profits as PH mourns victims of Severe Tropical Storm Trami

Manila, Philippines – On the day of national mourning for victims of Severe Tropical Storm Trami (local name Kristine), Greenpeace reacted to oil and gas giant Shell’s recently reported $6.02bn in quarterly profits and called on President Marcos Jr to demand payment for loss and damages from the planet’s worst climate polluters.

“Commemoration alone cannot pay for loss and damage. The Marcos Jr administration must stop overrelying on Filipinos’ resilience and take concrete action,” Greenpeace campaigner Jefferson Chua said. “Shell is reaping billions of dollars in profits while communities are still reeling from the combined effects of Trami and Super Typhoon Kong-Rey (local name Leon). This should tell us all we need to know about who should pay up for escalating loss and damage: the largest oil, gas, coal and cement companies who are the most responsible for the climate crisis.”

Shell is one of the world’s biggest climate polluters. It is among 20 carbon majors that are responsible for a third of all carbon emissions and who have been aware for decades that their activities cause anthropogenic climate change and supercharge storms. It announced its third-quarter profits on October 31.

Meanwhile, Philippine President Ferdinand Marcos Jr declared November 4 a day of national mourning for the 150 confirmed victims of Severe Tropical Storm Trami, which recently ravaged the Philippines, and which was followed immediately by Super Typhoon Kong-Rey. Trami and Kong-Rey killed 150 people who are being mourned today by Presidential decree. They were just the last in the line of powerful weather disturbances to inflict damage on the Philippines in the past six months, causing 250 deaths and PHP 25B in damages combined.

“Climate change impacts are becoming more unpredictable and intense,” said Chua. “This puts an unfair burden on communities and on taxpayers who are shouldering the cost of the never-ending response and relief activities.”

As the country prepares to host the first Loss and Damage Fund board meeting this December, Chua said, the government must recognize it is an opportunity for the country to demand payment, for example, through novel financial mechanisms such as the Climate Damages Tax.

“The onus is on the Marcos government to demand reparation from companies like Shell, who continue to earn record amounts of profit while more Filipinos suffer from climate impacts that bear their thumbprint,” he said.

“Domestically, the government must also back up its pronouncements in favor of renewable energy and climate justice with policy. It must strive to end dependence on fossil fuels, particularly fossil gas, and make commitments to a net-zero target.”

Another potential typhoon, Yinxing (local name Marce), is approaching, and is projected to hit the same areas affected by Trami and Kong Rey.