When Russia invaded Ukraine in 2022, the top six commercial oil companies (BP, Chevron, Exxon, Equinor, Shell and Total) doubled their profits to US $219 billion.¹ And then many of them used those profits to increase their spending on oil and gas projects. 

The last thing we need on the back of this horrific war is to have more investment in volatile energy, which only benefits the wealthy and destroys our climate. 

But windfall taxes can help level the playing field. After energy prices surged following the invasion of Ukraine, the UK introduced a windfall tax on oil and gas companies, raising £3.6 billion in just two years to help households cope with rising costs.²

When wars disrupt fossil fuel supply routes, prices rise even if production costs remain unchanged. This means that oil and gas companies are making even larger profits from war – called windfall profits. This feeds inflation too, and passes the cost onto people.

Now, we need the world's richest governments to tax these profits again, permanently. And use that money to invest in clean, safe, renewable energy that reduces our dependence on fossil fuels and protects the future of our planet. And they must help those communities on the frontlines of the climate crisis deal with the deadly impacts of climate change that fossil fuels cause. 

Source:

1. The combined $219 billion in profits was for BP, Chevron, Equinor, Exxon Mobil, Shell, and TotalEnergies - Big Oil doubles profits in blockbuster 2022 | Reuters 
2. Windfall Tax calls as Reform pumps out nonsense on oil prices - The Canary, 11 March 2026