The fossil fuel industry is the most polluting in the world, producing over 68% of global greenhouse gas emissions and 90% of CO2 emissions.

Yet this is also one of the most profitable sectors; 2019 to 2024 marked a 68% increase in profits. The five largest firms alone reported $281 billion in profits over the past two years, while fossil fuel subsidies surged to $7 trillion in 2023. Despite these record profits, these firms only invested 4% of their capital expenditure on clean energy.

This stark misalignment between corporate profits and public costs makes the case clear: solidarity levies can ensure those profiting most from carbon emissions contribute fairly to climate action.