As extreme heat wipes off EU’s economic growth, fossil fuel profits must pay for ‘arson’
Economic losses from extreme heat and drought could wipe off much of the economic growth expected across Europe, according to a new report by the Dutch bank Triodos. The bank warns that weaker labour productivity and agricultural losses could shave off roughly €180 billion ($208 billion), equivalent to 1% of the European Union’s GDP.
350.org said climate-driven economic contraction punishes European households with lower incomes and higher costs, while oil and gas companies reap the rewards. In the last three months Shell, BP, Exxon, Chevron and TotalEnergies together recorded nearly $50 billion in profits.
350.org is calling for European governments to impose stronger, permanent taxes on fossil fuel profits to help pay for heat protection and loss and damage. Losses are expected to mount across the region, with nearly one-third of the United Kingdom now experiencing drought.
Andreas Sieber, 350.org Head of Political Strategy said:
“The climate crisis is hitting European workers, farmers and families where it hurts most: in their livelihoods and kitchen tables. We cannot build a prosperous society with an economy that rewards arson while charging everyone else for the fire brigade. Europe’s drought and heat bill should not fall on those suffering the damage while fossil fuel profits keep flowing.”
Media contact:
Ilang-Ilang Quijano, 350.org Media Campaigner, [email protected], +639175810934