- Want windfall tax on oil, gas profits
- $100bn spent on rising energy costs in a month
- Civilians bearing heavy brunt
- Debt cancellation
As finance ministers of different nations gather in Washington DC for the IMF-World Bank Spring meetings amidst warnings of global recession, a coalition of more than 130 civil society organizations (CSOs) is demanding national governments to secure a permanent end to the wars in South West Asia and break the chains of fossil fuel dependence.
In particular, an open letter by the CSOs lamented in addition to thousands of civilians killed by US and Israeli bombs, millions globally are being pushed into hunger and debt, because of the iron grip of oil and gas on the global economy. To call attention to the action, the group projected a large message “No Bombs, No Barrels” onto the headquarters of the World Bank and IMF in Washington DC.
The coalition spanning trade unions, grassroots movements, faith groups and non-governmental organisation (NGOs) says that while these meetings are about the global economy and affordability crisis, they are sitting on the most obvious solutions: end the war, tax the huge windfall profits that oil and gas companies are making from the conflict, and dump fossil fuels for good in favour of secure and affordable renewable energy.
The statement, “They Profit, We Pay. Fix it Now”, sets out four urgent demands: End the war completely and permanently, civilians are bearing the brunt of ongoing violence, losing lives, homes, and stability, temporary ceasefires are not enough, this illegal war must end. Two, make the profiteers pay, in one month, over $100 billion has been extracted from people through rising energy costs, governments must tax fossil fuel windfall profits and use the revenue to fund public services and support households and workers facing rising living costs. Three, make food and energy secure for all, public investment should prioritise sustainable agriculture and renewable energy, while ending subsidies for fossil fuels and weapons. Four, cancel debt: Many Global South countries are unable to respond to the crisis due to heavy debt burdens.
Ziad Abdel Samad, executive director of Arab NGO Network for Development, says “the multilateral system is no longer delivering on its founding promise of equality, rights, and rule-based governance. Persistent imbalances in power, unequal representation, and the selective application of international law have eroded its legitimacy and credibility. This failure is starkly exposed in the ongoing war, where the inability to secure a permanent end to violence is costing civilian lives and deepening global instability. Without both an immediate end to the war and structural reforms to address these injustices, global governance risks becoming a tool of dominance rather than a framework for fairness”.
In addition, Savio Carvalgo, managing director of 350.org said while people struggle to afford food, fuel, and basic necessities, fossil fuel companies are profiting massively from the chaos. “The IMF itself has warned of the risk of a global recession. Governments gathering in Washington have a clear responsibility: end this illegal war, stop the flow of destruction, and make the profiteers pay. Taxing windfall oil and gas profits could provide immediate relief to families and invest in the clean, affordable energy systems we urgently need. They profit, we pay. It’s time to fix it now: no bombs, no barrels”.
According to Martha Tukahirwa, who coordinates the Fight Inequality Alliance Africa, while thousands are killed in the war in Iran, millions of people across Africa are being crushed by soaring fuel prices that have made even the simplest meal unaffordable. “In Nigeria, diesel has surged over 60 percent. In Malawi, the poorest households are forced to choose between cooking and eating. In Zimbabwe, the cost of public transportation has soared, making it impossible for working people to earn a living. This is no accident ― fossil fuel companies and commodity traders are reaping massive profits from this crisis while our governments stand idle. Tax these obscene profits and redirect the money to shield our people from hunger and hardship. The time for half measures is over, the time for bold action is now”.
For Fletcher Harper, a cleric and executive director of GreenFaith, he said, “our faiths call us to make peace with people and the planet alike, and to hold the powerful to account. Letting fossil fuel giants pocket windfalls while families struggle is a moral failure. Taxing windfall profits to provide energy relief is not radical. It is basic justice”.
While David Archer, head of programmes and influencing at ActionAid, said, billions of people across the Global South are living in countries already facing a debt crisis. This war will make their lives even harder, leading to rising prices and rising interest rates. We need urgent action to cancel debt and to take the power over debt away from the IMF and rich countries – through developing a UN Framework Convention on Sovereign Debt”.
