Companies took in half a trillion dollars more than expected in 2022
Windfall profits from oil and gas could cover climate payments
A central issue at the UN Climate Change Conference, set to start on November 11, will be the negotiations on new payments from industrialized nations to poorer countries. However, the question of whether and how these payments will be financed remains highly controversial. The study by an international team of researchers has now revealed: The windfall profits alone taken in by oil and gas companies due to the 2022 energy crisis would have been sufficient to cover the existing commitments of the industrialized nations for nearly five years. The researchers therefore recommend collecting taxes on these so-called windfall profits from fossil fuels.