Carbon Market Watch joined 30 European NGOs to call on the EU to tax excess oil profits to support Europeans during the energy crisis.

The group represents more than 40 million citizens across more than 2,000 member organisations, all calling for the funds from these excess profits to go towards shielding vulnerable households and supporting the clean energy transition through:

• Targeted support
• Investment in energy efficiency
• Accelerated deployment of renewable energy and electric vehicles

This is how we avoid similar volatility in the future.

The head of the International Energy Agency has called this the worst energy crisis in history, as the cost of fossil fuel imports has increased by €22 billion in just the first 44 days of the conflict. Oil companies are set to make a €24 billion windfall on road fuel alone in 2026.

Instead of governments putting the burden on taxpayers, it’s time that oil companies pay up.

Read our letter below