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Group demands permanent fossil fuel levies as oil giants eye $53bn profits – EnviroNews
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Climate campaign group, 350.org, has called on governments to impose permanent levies on fossil fuel producers and taxes on windfall profits, as five major oil and gas companies are projected to earn a combined $53 billion in third-quarter profits amid rising fuel prices and worsening climate impacts.
The group said Shell, ExxonMobil, BP, Chevron and TotalEnergies were expected to report combined profits of about $53 billion for the third quarter of 2026, more than double their earnings in the corresponding period last year.
The projection, based on estimates by RBC Capital Markets cited by Reuters columnist Ron Bousso on September 28, comes as governments across several countries spend billions of dollars in public funds to shield households from rising fuel costs.
In a new briefing, 350.org criticised what it described as a double standard in the global fossil fuel economy, where oil companies benefit from market disruptions while taxpayers bear the costs of protecting consumers and responding to climate-related damage.
The organisation argued that fossil fuel producers should contribute more towards household support, public services, climate recovery and a just transition away from oil and gas.
The call comes amid growing concerns over extreme heat, with a new projection from the University of Chicago’s Climate Impact Lab estimating that El Niño could contribute to 451,000 additional heat-related deaths between June 2026 and February 2027.
Oil companies profit as governments support households
According to 350.org, governments in countries including France, Canada, Brazil, Japan and Kenya are spending billions to cushion households against rising fuel prices, even as oil and gas companies benefit from market volatility and stronger refining margins.
The group said the situation raises questions about who should bear the financial burden of energy price shocks and the wider consequences of fossil fuel dependence.
It also accused major oil companies of continuing to plan investments in oil and gas expansion while resisting taxes on exceptional earnings and avoiding responsibility for the environmental and social costs associated with their operations.
Clemence Dubois, Global Campaigns representative at 350.org, said the projected earnings of the five companies contrasted sharply with the financial pressures facing households and communities affected by extreme heat.
“Five oil and gas giants are expected to make $53 billion in a single quarter, while governments scramble to protect people from fuel price shocks and communities face increasingly deadly heat,” Dubois said.
She described the situation as a double standard in which fossil fuel companies profit from market disruptions while governments rely on public funds to finance support for households and address climate-related damage.
According to Dubois, the companies seek to retain the benefits of continued fossil fuel dependence without accepting responsibility for its broader costs.
Group demands permanent producer levies
The climate campaign group called on governments to introduce permanent levies on fossil fuel producers and taxes on excessive profits, arguing that the proceeds should be used to protect vulnerable households, repair climate damage and finance a fair transition to cleaner energy.
Dubois said governments should ensure that companies benefiting from fossil fuel production contribute to addressing the consequences of the industry rather than leaving taxpayers to shoulder the burden.
“While paying a tax cannot buy permission to keep expanding fossil fuels, Governments must make polluters pay through permanent producer levies and taxes on excessive profits, and use that money to protect people and finance a fair transition away from fossil fuels,” she said.
The organisation maintained that such measures should form part of a broader effort to hold fossil fuel producers accountable for their contribution to the climate crisis.
It argued that companies that have generated substantial returns from oil and gas production over decades should contribute to protecting communities, strengthening public services and financing the transition to less polluting energy systems.
Climate impacts intensify calls for accountability
The projected $53 billion in quarterly profits comes against the backdrop of growing concern over the human cost of climate change.
The Climate Impact Lab’s projection of 451,000 additional heat-related deaths associated with El Niño between June 2026 and February 2027 has intensified calls for greater investment in climate resilience and public health protection.
350.org argued that the financial resources generated by fossil fuel production should not be concentrated among companies and shareholders while governments struggle to meet the costs of energy affordability and climate recovery.
The group also accused the fossil fuel industry of repeatedly seeking to undermine climate action, deflect responsibility for its contribution to the crisis and resist measures requiring it to pay for the damage.
It said governments should ensure that the costs of addressing climate impacts do not fall disproportionately on taxpayers and communities already facing economic and environmental pressures.
Push for a fair transition away from fossil fuels
The campaign reflects broader demands from climate advocates for governments to strengthen accountability measures against fossil fuel producers and redirect more resources towards communities and clean energy development.
350.org stressed that taxing exceptional profits alone would not justify continued expansion of oil and gas production, insisting that financial measures must accompany a wider transition away from fossil fuels.
The group called for revenues from permanent producer levies and windfall taxes to support households facing high energy costs, address climate-related damage and finance a fair transition.
With major oil companies expected to benefit from market disruptions while governments continue to fund consumer support measures, the organisation said the central issue was whether the costs and benefits of the fossil fuel economy were being shared fairly.
It urged governments to ensure that fossil fuel producers contribute their fair share towards addressing the crisis, rather than leaving public finances to absorb the growing costs of energy insecurity and climate impacts.
