According to an ActionAid analysis, 14 fossil fuel companies amassed windfall profits of $346.713 billion in 24 months.
According to the research, the fossil fuel companies made $232 billion in net profits between June 2021 and June 2022, of which $155.039 billion were deemed windfall profits.
Similarly, according to an ActionAid report obtained by The PUNCH, “the top 14 fossil fuel companies by market capitalization made $278 billion in net profits in the 12 months to July 2023, an astounding 278 per cent increase compared to the average of the reference years (mid-2017 to mid-2021)”
“Of these $278 billion in net earnings, $192 billion are deemed windfall profits—profits that surpass the average of the four years prior by more than 20 per cent.
During the June 2021 to June 2023 review period, the top 22 financial corporations realized windfall profits of $78 billion.
The document claims that UN Secretary-General Antonio Guterres “asked governments to tax the windfall profits of fossil fuel companies and redirect that money to those in need and countries suffering loss and damage due to climate change impacts” on the first day of COP27 in 2022.
One year later, it was claimed that only a few countries in Latin America, the United Kingdom, and the European Union had implemented windfall taxes on fossil fuel companies, meaning their enormous profits remained untaxed. That funding for climate action was inadequate.
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