Article

Fossil fuel subsidies skyrocket to $1 trillion, causing Big Oil profits to reach unprecedented levels!

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Ingmar Rentzhog

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Did you know that taxpayers worldwide provided over $1 trillion USD in subsidies to the Big Oil industry last year? This financial support has allowed big oil companies to make record profits, with the top Western oil companies paying out a staggering $110 billion in dividends and share repurchases to investors in 2022.
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It's alarming that we're sponsoring the very same industry that is contributing to the climate crisis. We need to demand that our governments take action to address this issue. One potential solution is to impose windfall taxes on the industry to help ease the burden of surging energy costs on consumers. We also need to continue to advocate for the phase-out of fossil fuel subsidies and the investment in sustainable energy alternatives.
Our #wecandoit initiative has gained the support of over 800 business leaders, scientists, and investors who are calling for an end to fossil fuel subsidies. Join our effort today to help make a difference:
https://wecandoit.tech


To learn more about this issue, check out these articles: "Big Oil doubles profits in blockbuster 2022" by Reuters:
https://www.reuters.com/business/energy/big-oil-doubles-profits-blockbuster-2022-2023-02-08/

"The global energy crisis pushed fossil fuel consumption subsidies to an all-time high in 2022" by IEA:
https://www.iea.org/commentaries/the-global-energy-crisis-pushed-fossil-fuel-consumption-subsidies-to-an-all-time-high-in-2022



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