"In 2023, the world's oil and gas industry earned a whopping $2.7 trillion, and invested just 4 percent of its capital expenditure in clean energy. These crises are moments of extreme injustice."
"Every European Union citizen overpaying for their fossil gas and power sent 150 euros ($175) to the United States per year, according to a recent report by the Centre for Research on Energy and Clean Air (CREA)."
"The least governments can do at this moment is impose a windfall tax on energy companies and use the proceeds to cushion the blow to households and fund an energy transition."
The Iran war is leading to a significant economic crisis, resulting in increased energy profits for fossil fuel companies. In 2022, gas prices surged after Russia's invasion of Ukraine, causing financial strain on European citizens. The oil and gas industry earned $2.7 trillion in 2023, investing minimally in clean energy. This situation reflects extreme injustice, as people face rising costs while companies profit. Governments are urged to impose windfall taxes on energy firms to alleviate household burdens and support energy transitions amid ongoing conflicts in the region.
Read at www.aljazeera.com
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