News
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
News
Operative dies in accidental discharge in Niger
Operative dies in accidental discharge in Niger
By: Zagazola Makama
An operative attached to a security unit in Niger State has died following an accidental discharge of a rifle at his duty post in Shiroro Local Government Area.
Sources said the incident occurred at about 10:00 p.m. on Feb. 16 when the operative, identified as Abubakar Iliya, 35, who was attached to a special hunters unit stationed at Galadiman-Kogo, reportedly fell from a sentry post.
During the fall, his cocked rifle disengaged and discharged, striking him in the abdomen and causing fatal injuries.
His remains were later evacuated by his unit for burial in accordance with customary rites.
Operative dies in accidental discharge in Niger
News
Boat mishap leaves passengers missing in Niger
Boat mishap leaves passengers missing in Niger
By: Zagazola Makama
A canoe conveying seven passengers capsized while in transit between Jata and Kami Village in Shiroro Local Government Area of Niger State, leaving several persons missing.
Sources said the incident occurred at about 7:00 p.m. on Feb. 16 when the canoe, carrying six females and one male passenger, overturned during the journey.
The passengers were identified as Mustapher Yakubu; Sahura Yakubu and her child; Zarifa Yakubu; Mommy Yakubu; Lizatu Yakubu; Zaratu Yusuf; and Sumaiya Ibrahim, all from Jata/Bmagara via Kami Village.
Rescue teams, including police and local divers, were immediately mobilised to the scene. The boat driver and his conductor were rescued alive, while search efforts are ongoing to locate the remaining passengers.
Authorities said further updates would be provided as rescue operations continue.
Boat mishap leaves passengers missing in Niger
News
Armed bandits attack Konkoso Village, kill two in Niger
Armed bandits attack Konkoso Village, kill two in Niger
By: Zagazola Makama
Armed bandits have killed two people and razed homes during an attack on Konkoso Village in Niger State, security sources said.
According to sources, the incident occurred at about 9:30 a.m. on Feb. 17 when a large group of bandits invaded the village, shot two residents whose identities are yet to be confirmed, and set several houses on fire.
The attackers also looted shops and carted away food items before leaving Konkoso Village and moving toward Pissa Village in Pissa District.
Authorities said efforts are ongoing to track the bandits and apprehend those responsible for the attack.
Armed bandits attack Konkoso Village, kill two in Niger
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