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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
NHRC trains 34 human rights advocates in Gombe
The National Human Rights Commission (NHRC) has trained 34 Community Protection Rights Advocates to protect and promote human rights in Gombe state.
Dr Joseph Wanshe, the State Coordinator of the Commission, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Gombe on Monday.
Wanshe said that the training was imperative toward achieving the mandate of the commission in the state.
According to him, the trained advocates, who are mostly in rural areas, will penetrate distant and rural communities where human rights violations are rampant.
He said that the training has started yielding the expected results as there have been increased number of reported cases of human rights violations from rural communities across the state.
He said that the advocates have been deployed to the 11 local government areas of the state.
“We are witnessing an upsurge in human rights reporting coming to the office.
“ The numbers are increasing as regards civil and political rights followed by cases of women and children, domestic violence, economic, social and cultural rights.
“ There are many factors involved in the upsurge as the NHRC within the last one month has stepped up sensitisations and stakeholders’ engagements.
“ We have trained Community Protection Rights advocates, who have been working and as a result, awareness has increased and number of complaints received have spiked,” he said.
Wanshe said that the trained advocates have been affiliated to NHRC at the local government levels toward ensuring wider coverage of the state in terms of human rights protection.
He assured residents on the commission’s effort at ensuring that it achieved effectively its mandate of protection and promotion of human rights.
Wanshe commended the people of Gombe State for their improved confidence in NHRC which has resulted in improved reportage of human rights violations
He further urged communities to support the advocates in their domains in the overall interest of human rights protection.
NHRC trains 34 human rights advocates in Gombe
Troops intercept 11 suspects with IED-making materials in Abuja
Troops of the Nigerian Army have intercepted 11 suspected criminals conveying materials believed to be for the production of improvised explosive devices (IEDs) in Kuje Area Council of the Federal Capital Territory.
By: Zagazola Makama
Security sources said the suspects, comprising 10 males and one female, were arrested at about 12:59 a.m. on April 27 by troops of 176 Guards Battalion deployed at Kuchiyako.
The sources disclosed that the suspects were intercepted in a vehicle along the Kuchiyako–Tipper Garage road, allegedly loaded with IED-making materials.
According to preliminary investigation, the suspects claimed they were en route to mining sites around Kabbin Mangoro in Kuje Area Council to collect mineral resources.
Items recovered from them include explosive charges and three-and-a-half bags of unidentified mineral substances, among other sundry materials.
The suspects are currently in military custody, while investigations are ongoing to ascertain their intent and possible links to criminal or terrorist activities.
Troops intercept 11 suspects with IED-making materials in Abuja
Troops repel terrorists in Zamfara, recover calm after attack on Godel community
By: Zagazola Makama
Troops of the Nigerian Army under 1 Brigade have repelled an attack by suspected terrorists in Godel community of Birnin Magaji Local Government Area of Zamfara State.
Security sources said the incident occurred at about 2:08 p.m. on April 27 when troops deployed at Forward Operating Base (FOB) Kaura Namoda responded to credible intelligence on terrorist activities in the area.
The sources disclosed that troops made contact with the attackers upon arrival, leading to a fierce exchange of fire.
According to the sources, the troops forced the terrorists to withdraw from the area following the encounter.
However, during the attack, the assailants reportedly rustled an unspecified number of cattle belonging to residents of the community.
Three civilians were also said to have sustained gunshot wounds and were evacuated for medical attention.
The sources added that troops have intensified patrols and clearance operations in the general area to prevent further attacks and recover the rustled livestock.
Troops repel terrorists in Zamfara, recover calm after attack on Godel community
NHRC trains 34 human rights advocates in Gombe
Troops intercept 11 suspects with IED-making materials in Abuja
Troops foil kidnap attempt in Kaduna, rescue two victims
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