63% of US Republicans and 8 out of 10 people globally support taxing oil and gas companies to pay for climate damages, new survey finds

Dil Bar Irshad | June 20, 2025 | 05:46 AM IST | Articles/Editorials, Business, Featured by VoM, World | Follow on Google News

63% of US Republicans and 8 out of 10 people globally support taxing oil and gas companies to pay for climate damages, new survey finds

In the United States, 75% of people surveyed support taxing oil and gas companies for climate damages — including 63% of Republicans 

A majority of people believe governments must tax oil, gas and coal companies for climate-related loss and damage, and that their government is not doing enough to counter the influence on politics of the super-rich and polluting industries. These are the key findings of a global survey, which reflects broad consensus across political affiliations, income levels, and age groups.  

Today’s study, which was jointly commissioned by Greenpeace and Oxfam, was conducted by Dynata across 13 countries, including most G7 countries. 

The study comes with additional analysis by Oxfam showing that a polluter profits tax on 590 oil, gas, and coal companies could raise up to $400 billion in its first year, which is comparable to the estimated annual costs of climate damage in the Global South. Loss and damage costs from climate change to the Global South are estimated to reach between $290 billion to $1.045 trillion annually by 2030. 

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Globally, key findings of the survey include: 

• 81% of people surveyed support new taxes on the oil, coal and gas industry to pay for damages caused by fossil-fuel driven climate disasters like storms, floods, droughts and wildfires. 
• 86% of people in surveyed countries support channeling revenues from higher taxes on oil and gas corporations towards communities who are most impacted by the climate crisis. 
• When asked who should be taxed to pay for helping survivors of fossil-fuel driven climate disasters, 66% of people across countries surveyed think it should be oil and gas companies compared to fewer than 5% who support taxes on working people, 9% on goods people buy, and 20% in favor of business taxes. 
• 68% felt that the fossil fuel industry and the super-rich had a negative influence on politics in their country. 

In the United States, parallel key findings include: 

• 75% of people surveyed support new taxes on the oil, coal and gas industry to pay for damages caused by fossil-fuel driven climate disasters like storms, floods, droughts and wildfires, including 63% of Republicans and 86% of Democrats. 
• 80% of people support channeling revenues from higher taxes on oil and gas corporations towards communities who are most impacted by the climate crisis, including 66% of Republicans and 93% of Democrats. 
• When asked who should be taxed to pay for helping survivors of fossil-fuel driven climate disasters, 60% of people think it should be oil and gas companies compared to 5% who support taxes on working people, 16% on goods people buy, and 19% in favor of business taxes. 
• 69% felt that the fossil fuel industry and the super-rich had a negative influence on politics in the United States, including 53% of Republicans and 82% of Democrats.  

Oxfam’s analysis finds that 585 of the world’s largest and most polluting fossil fuel companies made $583 billion in profits in 2024, a 68% increase since 2019. The annual emissions of 340 of these corporations (for whom data was available) accounted for over half of global greenhouse gas emissions caused by humans. Their emissions in just one year are enough to cause 2.7 million heat-related deaths over the next century.

A polluter profits tax on these companies would ensure that renewable energy is more profitable than fossil fuels, encouraging companies to invest in renewables, as well as avoid more deaths driven by the climate crisis. This new tax must be accompanied by higher taxes on the super-rich and other polluting companies. Governments should impose such taxes nationally and engage positively at the UN to ensure a fair global tax agreement.  

“We have the tools, the money, and, most importantly, the bipartisan public support to end the era of fossil fuels,” said Ashfaq Khalfan, Director of Climate Justice at Oxfam America. “While President Trump is saying ‘Drill, baby drill’, the majority of Americans surveyed are saying ‘Pay, baby, pay!’ In the U.S., Congress should start by passing the End Polluter Welfare Act to stop handouts to oil, gas, and coal companies.” 

“Climate disasters are increasing across the United States, all fueled by the worsening climate crisis,” said John Noël, Greenpeace USA Deputy Climate Program Director. “The reality is that oil and gas companies have known for decades that their pollution is the cause. Now, it’s time for them to take responsibility. Communities on the frontlines should not have to bear the costs of the destruction they did not cause. If you damage the planet, you should be responsible for cleaning it up. It’s that simple.” 

Dil Bar Irshad

Dil Bar Irshad is a seasoned journalist, hails from Jammu Kashmir's Doda, covers political, social, business stories, index stories.