As UK consumers face soaring energy prices and an escalating climate crisis, Shell continues to rake in billions—and reward shareholders rather than reinvest in a sustainable future. In Q2 2025, Shell posted adjusted profits of $4.264 billion (about £3.2 billion)—down 32% from the year before, yet still beating analyst expectations by around £400m. This comes as forecasts show UK energy bills are set to rise again next year.

Shell: the worst of the worst (again)

Mirroring its pattern of recent quarters, the company immediately reaffirmed a $3.5 billion share buyback for the next three months—its fifteenth consecutive quarter of returning over $3 billion to shareholders. Alongside this, Shell continued delivering around $2.1 billion in dividends, consuming nearly half of its operating cash flow, despite weakened performance in its gas and chemicals divisions.

Meanwhile, households in the UK struggle under the cost‑of‑living crisis. Domestic energy bills remain stubbornly high – and are set to rise next year. Fuelled by inflation, wage stagnation, and global supply shocks, consumers lack relief—yet Shell’s board persists in sending vast sums back to investors rather than easing the burden.

Shell’s decision to prioritize shareholder returns over climate or consumer relief cannot be divorced from its broader strategic retreat on decarbonization. Under CEO Wael Sawan, the company recently eased its carbon intensity reduction targets, scaling back 2035 emission ambitions from 45% to 15%, and rolling back offshore wind plans—even in the UK.

Pressure from campaigners is intensifying. Greenpeace UK and Fossil Free London have condemned Shell’s profit spree as “obscene” profiteering. Robin Wells of Fossil Free London recently warned:

We are now in a new normal of record breaking heat, created by corporations like Shell. This will mean devastation and mass loss of human life. Climate scientists have warned us that this new normal will spell the end of human civilization by 2100. It’s time for destruction to stop raising billions in profit. It’s time to shut down Shell.

Shut it down

On Wednesday 30 July, the group staged a heatwave and wildfire-themed protest outside Shell’s global HQ, the Shell Centre, on Southbank last night, ahead of the company’s toxic profits announcement:

Activists dressed in ‘burnt’ holiday gear. They also held a banner with a picture of wildfires reading: ‘We’ve been profiting from climate collapse since 1907′, alongside a parody of Shell’s logo. Two activists also sat in an ‘oily’ paddling pool. Placards included ‘Shell alone will kill 2 million from excess heat by 2100’:

Fossil Free London sought to draw fresh attention to this summer’s worsening heat waves and wildfires, caused by the global heating that Shell fossil fuels are heavily contributing towards.

Activist shareholders have also criticised Shell’s imbalance: in 2022, for example, only 6.3% of its profits were invested into low‑carbon energy, while almost three times that amount was ploughed into oil and gas infrastructure. In absolute terms, Shell returned more capital to investors than it deployed in new low‑carbon capacity—despite mounting warnings about global temperatures and emissions.

The UK government itself has tried to respond with an energy profits levy, raised in 2022 from 25% to 35% to raise more than £10–£14 billion annually. But the funds raised seem insufficient relative to both Shell’s payouts and the scale of relief needed. Households continue to feel the pinch, while the company’s dividends and buybacks show no signs of shrinking.

Greedflation

At a moment when genuine investment in renewables—not short‑term payouts—is vital, Shell’s actions ring hollow. If global leaders and shareholders truly believe in transition, Shell must do more than meet minimal targets—it must redirect cash away from buybacks and toward green solutions that help lower bills, boost UK energy security, and tackle the worsening climate emergency.

Until then, Shell remains a stark example of “greedflation”—extracting maximum gains from fossil fuels at precisely the moment society can least afford it.

Featured image and additional images via Fossil Free London