{"id":10282,"date":"2026-04-21T17:30:52","date_gmt":"2026-04-21T15:30:52","guid":{"rendered":"https:\/\/www.greens-efa.eu\/opinions\/?p=10282"},"modified":"2026-04-22T12:10:58","modified_gmt":"2026-04-22T10:10:58","slug":"trumpflation-and-a-new-energy-crisis-in-europe-why-we-need-to-invest-in-renewables-more-than-ever-before","status":"publish","type":"post","link":"https:\/\/www.greens-efa.eu\/opinions\/trumpflation-and-a-new-energy-crisis-in-europe-why-we-need-to-invest-in-renewables-more-than-ever-before\/","title":{"rendered":"Trumpflation and a new energy crisis in Europe – Why we need to invest in renewables more than ever before"},"content":{"rendered":"
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Europe is in the grip of another energy crisis. Whether you\u2019re a single parent in Poland, a student in Italy, or looking for work in Denmark, you\u2019ve felt it: the sharp rise in the cost of heating your home, filling your car, or even putting food on the table. The reason? The reckless Iran war, escalated by Trump and Netanyahu, has sent oil and gas prices soaring – again.<\/p>\n<\/div>

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The big winners? Big oil and gas companies, their CEOs, and speculating billionaires, who are raking in record profits while ordinary people struggle. The solution is clear: Europe must impose a strong windfall profits tax on these excessive profits and use the money to fund home-grown renewable energy and support families across Europe.<\/p>\n<\/div>

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The human cost of oil wars: Why our dependence fuels conflict<\/strong><\/strong><\/h2>\n<\/div>
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First and foremost, the war in Iran is not just about energy prices, it is a human catastrophe. Thousands of civilians have been killed, families torn apart, and entire cities reduced to rubble. Children who should be in school are instead fleeing for their lives. Hospitals struggle to treat the wounded as supplies run out. This is the brutal reality of a conflict fueled by geopolitical greed and the world\u2019s insatiable appetite for oil and gas.<\/p>\n<\/div>

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Wars in oil-rich regions are becoming more frequent, not less. From Iraq to Libya, from Ukraine to Yemen, the pattern is clear: where there are fossil fuels, there is conflict. Our dependence on oil and gas from unstable and authoritarian regimes doesn\u2019t just make us vulnerable to price shocks – it directly funds wars, arms races, and human rights abuses. Our greed for cheap energy has turned entire regions into battlegrounds, with ordinary people paying the price in blood and suffering.<\/p>\n<\/div>

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This cycle must end. Every euro spent on fossil fuels from conflict zones is a euro that prolongs war and suffering. By taxing excessive profits and investing in renewables, we can cut off the funding that keeps these wars going. We could finally build a future where energy doesn\u2019t come at the cost of human lives.<\/p>\n<\/div>

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The Iran War and Europe\u2019s energy shock<\/strong><\/h2>\n<\/div>
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Since the outbreak of the Iran war in late February 2026, energy prices in Europe have spiked dramatically. Oil prices jumped by 8% and gas prices by 20% in just days – and they\u2019ve kept climbing. The closure of the Strait of Hormuz and attacks on energy infrastructure have disrupted global supplies, pushing European gas prices to nearly double by mid-March.<\/p>\n<\/div>

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This isn\u2019t just a temporary blip. The European Commission warns that prices won\u2019t return to normal any time soon, even if the war ends tomorrow. The economic fallout is already severe: the European Central Bank has delayed interest rate cuts, inflation is rising, and major economies like Germany and Italy face recession.Europe is spending billions more on fossil fuel imports – money that flows straight to authoritarian regimes and war profiteers. At the end of March, 30 days after the start of the war,  the EU has spent an extra \u20ac14 billion on fossil fuels<\/a>, on top of the usual \u20ac400 billion annual. Meanwhile, US oil companies alone are set to make over \u20ac56 billion extra this year if prices stay high.<\/p>\n<\/div>

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Europe\u2019s dangerous dependence on fossil fuels<\/strong><\/strong><\/h2>\n<\/div>
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Despite progress in renewable energy, Europe still imports 67% of its energy as oil and petroleum products, and 24% as natural gas – mostly from Norway, the US, and Algeria. This dependence leaves us vulnerable to price shocks, geopolitical blackmail, and supply disruptions.<\/p>\n<\/div>

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The Iran war has exposed a harsh truth: Europe\u2019s energy security is still held hostage by fossil fuels. The blockade of the Strait of Hormuz and the suspension of Qatari LNG shipments have forced Europe to compete for scarce supplies on the global market, driving up costs for everyone.<\/p>\n<\/div>

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Big Oil\u2019s billion-dollar windfall<\/strong><\/strong><\/strong><\/h2>\n<\/div>
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While families and small businesses struggle, fossil fuel giants are making record profits. ExxonMobil, Chevron, Shell, and BP have seen their share prices and profits soar since the war began. In 2024, the five largest oil companies made over $100 billion in profits – with even higher excessive profits (windfalls) expected in 2026 as prices rise.<\/p>\n<\/div>

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A windfall profit is an unexpected, large financial gain that a company or individual receives due to external events (like war, crises, or market shocks) rather than their own efforts. It\u2019s called a “windfall” because, like fruit blown from a tree by the wind, the money seems to fall into their laps by luck, not skill.<\/p>\n<\/div>

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This is not just unfair, it\u2019s unsustainable. The crisis is being used to line the pockets of polluters, not to protect people or the planet.<\/p>\n<\/div>

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The solution: A strong windfall profits tax<\/strong><\/h2>\n<\/div>\n\n
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We, the Greens\/EFA in the European Parliament are calling for a windfall profits tax of at least 50%, based on the average profits of recent years. Here\u2019s how it would work:<\/p>\n<\/div>\n\n

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  • Immediate relief for people<\/strong>
    Part of the tax revenue would go directly to helping households and small businesses cope with soaring energy bills. This is common sense: when companies make unexpected profits from a crisis, they should contribute to easing the burden on those who are suffering.<\/li>\n<\/div>\n\n
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  • Accelerate the shift to renewables<\/strong>
    The rest of the money should fund wind and solar projects, energy efficiency, home insulation, battery storage, and grid upgrades. This is the only durable solution to free Europe from the cycle of energy crises and high prices.<\/li>\n<\/div>\n\n
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  • Break free from fossil fuel dependence<\/strong>
    By investing in renewables and energy efficiency, we can reduce our reliance on imported fossil fuels and shield ourselves from future price shocks. Wind and solar already generate more electricity than fossil fuels in 14 EU countries, we need to build on this success.<\/li>\n<\/div><\/ul>\n<\/div>\n\n <\/div>\n <\/div>\n<\/div><\/div>
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    Why current EU measures fall short<\/strong><\/h2>\n<\/div>
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    So far, the European Commission\u2019s response has been inadequate. Proposals like lowering carbon prices or capping energy costs mostly benefit big, energy-intensive industries, while offering limited relief to vulnerable households and small businesses. These short-term fixes don\u2019t address the root cause: Europe\u2019s addiction to imported fossil fuels.<\/p>\n<\/div>

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    Worse, some governments are pushing to weaken the EU Emissions Trading System (ETS), which would reward polluters and slow down the transition to clean energy.<\/p>\n<\/div>

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    Sign the petition<\/strong><\/h2>\n<\/div>\n\n
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    And demand that the European Commission introduce a strong windfall profits tax to fund renewables and lower bills for all.<\/p>\n<\/div>\n\n

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