Beyond profits…

…beyond petroleum.

Following oil giant BP’s announcement of full year profits of
£12.8 billion today (Tuesday 7 February), Friends of Earth
repeated calls for a windfall tax, and urged the Government to act
to stop companies making huge profits on the back of climate

BP makes much of its commitment to tackling climate change, and
last year announced a £200 million investment in energy efficiency
measures, as well as commitments to solar and renewable power. But
in 2004 the company invested $18.5 billion in the exploration and
production of oil and gas.

Carbon dioxide emissions in 2004 from use of BP’s products was
1,376 million tones according to the company’s own calculations
more than double the emissions for the whole of the UK. A
further 81.7 million tonnes of CO2 is generated by the company’s

Friends of the Earth Senior Corporate Accountability Campaigner
Craig Bennett said:

The environmental campaign group also criticised the energy giant
for its failure to operate to the highest standards in building
the Baku-Ceyhan pipeline which is pumping oil and gas from
Azerbaijan through Georgia to the Turkish port of Ceyhan [3].
Villagers living along the route of the pipeline, many of whom do
not have access to oil or gas, complain that they have not
received adequate compensation for the loss of land.

Friends of the Earth is calling on the Government to use the
Company Law Reform Bill, currently going through Parliament, to
introduce tougher requirements for companies to report on their
environmental and social impacts [4]. It also wants the
Chancellor to make use of the coming budget to introduce a
windfall tax on oil companies who are reporting record profits on
the back of the rising oil price, with the revenue invested in
renewable technologies to heat and power public buildings.

.. [3] Campaign case study
.. [4 FOE Change company law

Friends of the Earth Email:
26-28 Underwood Street URL:
London Tel: 020 7490 1555
N1 7JQ Fax: 020 7490 0881


About Leighton Cooke

The Original Cookiemouse
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