A new report by Action Aid Nigeria (AAN) and Oxfam in Nigeria has revealed that 36 top companies in the fossil fuel and financial sector, often funding fossil fuel use, made over $420 billion in profits in the 24 months preceding July, 2023.
The report said that a tax of 90 per cent on the windfall profits could generate as much as $382bn in revenue, an amount that could be spent on public services such as education or 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 per cent on the windfall profits of the 36 firms could generate as much as $382bn in revenue as world leaders meet in Davos for the World Economic Forum (WEF).
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“This amount is almost 20 times more than the $21bn provided by donors for climate adaptation in 2021.
“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,” ActionAid’s Secretary-General, Arthur Larok, said.
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