Thread by @ESpacewalk

#FossilFuel profits ⬆️ & atmospheric concentrations ⬆️
Coincidence? Doesn't look like it

Profits at world’s seven biggest oil firms soar to almost £150bn this year
theguardian.com/business/2022/…

Atmospheric levels of all three greenhouse gases hit record high
theguardian.com/environment/20…

"Scientists warn world ‘is heading in wrong direction’ amid rise in nitrous oxide, carbon dioxide and methane"

“As the most urgent priority, we have to slash carbon dioxide emissions, which are the main driver of climate change and associated extreme weather, and which will affect climate for thousands of years through polar ice loss, ocean warming and sea level rise.”

However, Taalas said time was running out to tackle the climate emergency as concentrations of greenhouse gases in the atmosphere continued to reach new peaks.

“We need to transform our industrial, energy and transport systems and whole way of life.

The needed changes are economically affordable and technically possible. Time is running out,” he said.

These figures will be presented at the Cop27 UN climate conference in November, where world leaders will convene in Egypt to make deals on the reduction of greenhouse gas emissions.

However, even if they act rapidly to stop the damage, much of it is already baked in.

As long as emissions continue, global temperature will continue to rise. Given the long life of CO2, the temperature level observed will persist for decades, even if emissions are reduced swiftly to net zero."

"Profits at the world’s biggest oil companies have soared to nearly £150bn so far this year as Russia’s war on Ukraine pushed up energy prices, according to estimates from analysts.

Britain’s Shell and France’s TotalEnergies on Thursday reported profits for the first nine

months of 2022 of $59bn (£51bn). US rivals Chevron and ExxonMobil are expected to report year-to-date earnings approaching $70bn on Friday, while 2022 profits at Britain’s BP could break the $20bn mark on Tuesday.

The cumulative takings for the seven biggest private sector oil drillers during the first nine months of 2022 could hit $173bn (£150bn), according to analyst forecasts collated by S&P Global Market Intelligence and reported earnings.

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