Article
Image of Ingmar Rentzhog

Ingmar Rentzhog

63 w

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

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:
We Can Do It

We Can Do It

Join this climate call to action signed by business leaders, entrepreneurs, investors, policymakers, scientists and influencers.

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To learn more about this issue, check out these articles: "Big Oil doubles profits in blockbuster 2022" by Reuters:
Big Oil doubles profits in blockbuster 2022

Big Oil doubles profits in blockbuster 2022

Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia's invasion of Ukraine reshaped global energy markets and, in some cases, the industry's climate ambitions.

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:
The global energy crisis pushed fossil fuel consumption subsidies to an all-time high in 2022 – Analysis - IEA

The global energy crisis pushed fossil fuel consumption subsidies to an all-time high in 2022 – Analysis - IEA

The global energy crisis pushed fossil fuel consumption subsidies to an all-time high in 2022 - A commentary by Toru Muta, Musa Erdogan

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



  • Damien Vasse

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    62 w

    @Rentzhog Can you provide the source(s) behind these graph please? Edit : nevermind, they are from each of the two articles (Reuters and IEA).

  • Erika Borgonovo Barrote

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    62 w

    Awful... Fossil fuel is a CRIME against the planet

    • Patrick Kiash

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      63 w

      Sad, I lack words! Lets keep fighting, despite all.

      • Munene Mugambi

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        63 w

        I honestly can't believe we're still talking about fossil fuels and their subsidies. It's despicable

        • Sarah Chabane

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          63 w

          This is so scandalous and I think that most people don't know that the tax money they are paying is going to big oil and gas companies, we need to use these subsidies differently, to protect the planet instead!

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          • Tabitha Kimani

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            63 w

            This is hard to believe even after all the COPs meetings every year aimed at ending reliance of fossil fuels.

            • Patrik Lobergh

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              63 w

              G20, G7, European Union and all world leaders needs to end all fossil fuel subsidies in 2023, period!

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              • Ingmar Rentzhog

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                63 w

                @patrik_lobergh yes. The question is how We can force them to do the right thing!

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                • Patrik Lobergh

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                  63 w

                  @Rentzhog We probably need to show them the positive business case (BNP increase) that can be created in the renewable energy sector (new employments, new companies, new tax revenues) if the subsidies are moved from the fossil sector into the renewables sector.

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                • Johannes Luiga

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                  63 w

                  Totally insane that we’re paying big oil to destroy our planet! Let these subsidies support renewable energy!

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