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ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ FirmsSays Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ Firms
Says Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
By: Michael Mike
ActionAid International has advocated for massive imposition of windfall tax on fossil fuel companies including financial institutions, lamenting that ‘climate-wrecking’ firms make billions in ‘surplus profits’ and should be made to pay to ameliorate the harms done.
ActionAid in a statement on Wednesday said a report it conducted has shown that 36 top companies in the fossil fuels and financial sector, often funding fossil fuel use, made over US$420 billion in windfall profits in the 24 months preceding July 2023.
It stated that a tax of 90% on these windfall profits could generate as much as US$382 billion in revenue, an amount that could be spent on public services such as education, or climate action, calling for urgent introduction of windfall profits taxes.
The statement read: “Thirty-six top companies in the fossil fuel industry and their funders made over US$420 billion in
‘surplus’ profits in the 24 months before July 2023, shows a new ActionAid report.
The report shows that taxing these extraordinary profits, referred to as windfall profits, could generate funds to boost public spending, especially for key areas such as education and climate action.
“Windfall profits are often attributed to external context changes and are considered a ‘surplus’ above the regular and expected profits.
“A tax of 90% on the windfall profits of these 36 firms could generate as much as US$382 billion in revenue, shows the report launched as world leaders meet at Davos for the World Economic Forum. This amount is almost 20 times more than the US$21 billion provided by donors for climate adaptation in 2021.”
ActionAid Secretary-General Arthur Larok said: “The scale of profits that fossil fuel companies and their bankers are making in the wake of global crises is truly astounding, especially when compared to the hardships that these crises have brought upon regular people around the world,” insisting that: “Windfall profits taxes make sense. They can bring in significant revenue for climate action and social services, while taxing only the extraordinary corporate profits.”
According to the statement, ActionAid’s research is an analysis of the profits of the top 14 fossil fuel companies and top 22 financial corporations by value on the stock market. In the 24 months to July 2023, these firms made US$1,218 billion in profits. Windfall profits from this amount comes to US$425 billion.
It added that fossil fuel company profits in the 12 months before July 2023 were up by an astounding 278% compared to the average in the period between 2017/2018 and 2020/2021
It noted that both the fossil fuel and the financial industries have been making extraordinary profits in recent years, widely attributed to the impact of Russia’s full-scale invasion of Ukraine, and high interest rates adopted by many countries in response to growing inflation, stressing that: “ActionAid’s research in 2023 found that banks alone have poured over US$3.2 trillion into fossil fuels in the Global South since the Paris Agreement was adopted in 2015, making them complicit in climate damage.”
The statement recalled that at COP27, United Nations Secretary-General Antonio Guterres asked governments to tax the windfall profits of fossil fuel companies and redirect that money to those impacted by climate change, lamenting that over a year later, only some EU Member States, the UK, and a few Latin American countries, have introduced some forms of temporary and often limited windfall taxes on fossil fuel companies.
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ Firms
Says Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
UPDATE: Five dead, 35 injured in suicide IED attack on Gamborun mosque
By: Zagazola Makama
No fewer than five worshippers were killed, while 35 others sustained injuries on Wednesday following an improvised explosive device (IED) attack by a suicide bomber at a mosque in Gamborun area of Maiduguri, Borno State.
The incident occurred at about 6:15 p.m. during Magrib prayers when the attacker detonated the IED inside the mosque, which was filled with worshippers.
The Police Public Relations Officer (PPRO) in the state, DSP Nahum Daso, confirmed the incident, saying the explosion killed five persons on the spot and left 35 others with varying degrees of injuries.
Daso said the injured victims were immediately evacuated to hospitals in Maiduguri for medical treatment.
He added that men of the Explosive Ordnance Disposal (EOD) unit, alongside other security agencies, were deployed to the scene to secure the area, cordon off the vicinity and conduct thorough checks to rule out the presence of secondary explosive devices.
UPDATE: Five dead, 35 injured in suicide IED attack on Gamborun mosque
Bomb explodes inside mosque in Maiduguri market, worshippers killed
By: Zagazola Makama
Several worshippers were killed on Tuesday after an explosive device detonated inside a mosque at Gamborun Market in Maiduguri, the Borno State capital.
The explosion occurred while worshippers were gathered for prayers, causing panic and chaos within the busy market area.
Eyewitnesses said the blast ripped through part of the mosque, killing some worshippers instantly and leaving others with varying degrees of injuries.
Traders and residents in the area were seen fleeing the scene as thick smoke billowed from the mosque, while others attempted to assist victims before emergency responders arrived.
Security operatives cordoned off the area shortly after the incident to prevent further casualties and to allow for preliminary assessment of the situation.
As of the time of filing this report, the exact number of casualties had not been officially confirmed.
Bomb explodes inside mosque in Maiduguri market, worshippers killed
Igbo Association Raises Alarm Over Abuja–South East Highways, Seeks Urgent Federal Action
By: Michael Mike
Igbo residents in the Federal Capital Territory (FCT), Abuja have expressed worries about the worsening condition of major highways linking Abuja to the South East, warning that continued neglect has turned the roads into serious safety hazards for commuters and businesses.
In a statement released on Tuesday, the Igbo Community Association in the Federal Capital Territory (ICA FCT) said the poor state of the road network had persisted for decades, despite repeated appeals for rehabilitation.
The group in a statement signed by the association’s President General, Engr. Ikenna Ellis-Ezenekwe, and Secretary General, Mazi Emmanuel Chinwoke Onah,
noted that large sections of the highways are riddled with potholes, failed portions and weak security presence, making travel dangerous and discouraging economic activities between the North Central and South East regions.
The group argued that the situation reflects long-standing infrastructure neglect and an uneven distribution of national resources, adding that the dilapidated roads have become attractive routes for criminal operations, including armed robbery and kidnappings.
According to ICA FCT, the impact of the bad roads goes beyond transportation challenges, contributing to youth frustration, reduced commercial exchanges and a growing sense of exclusion among people of the South East. The association urged the Federal Government to declare an emergency on the affected corridors and begin immediate reconstruction to ensure the safety of travelers, particularly during the festive season.
The association also called on lawmakers from the South East and the Minister of Works to take responsibility for restoring the roads to acceptable standards, stressing that infrastructure development is critical to national cohesion and economic growth.
Warning of political consequences, the group said communities in the South East would hold their representatives accountable if tangible progress is not recorded before the 2027 general elections. It added that voters would be mobilized to oppose the re-election of lawmakers perceived to have failed in addressing the issue.
Reaffirming its commitment to the welfare of Igbo people, the ICA FCT said it would continue to advocate for improved infrastructure, enhanced security and equitable development across all regions of the country.
End
UPDATE: Five dead, 35 injured in suicide IED attack on Gamborun mosque
Bomb explodes inside mosque in Maiduguri market, worshippers killed
Igbo Association Raises Alarm Over Abuja–South East Highways, Seeks Urgent Federal Action
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