Royal Dutch Shell chief executive Ben van Beurden speaks at a full year results conference in London ... [+] on January 31, 2019. - Royal Dutch Shell today said that net profit surged 80 percent to $23.4 billion in 2018, thanks to higher oil prices and cost cuts. The decision orders Shell to cut its absolute levels of emissions, rather than its planned focus on reducing its carbon intensity. More broadly, an ultimate upholding of this unprecedented decision could theoretically influence jurisprudence in similar lawsuits in other western democracies. All in all, Wednesday was quite the day for Big Oil, one that may end up living in infamy not just for those three companies, but for the industry as a whole.

Source: Forbes May 27, 2021 11:48 UTC