Fossil Fuels and the Genocide in Palestine

 Israel has been waging a genocidal war on Gaza for over a year and a half. This war is only possible thanks to sustained international support—in the form of weapons, financial flows, and energy. Fossil fuel companies are among the main enablers of this genocide. This is why various Palestinian organizations, trade unions, and international solidarity movements are calling for an energy embargo against Israel.

The link between fossil fuels and Israel’s war

The situation in Gaza and the West Bank continues to deteriorate. People are forcibly displaced and killed every day. Israel’s genocidal assault on Gaza is made possible by international support—including fossil energy supplies. Fossil fuel companies play a central role in powering the Israeli military and funding apartheid.

On one hand, Israel exports gas extracted from occupied Palestinian land and waters. This gas—often liquefied—is shipped abroad, particularly to Europe, and generates billions in revenue. These revenues go directly toward Israel’s military operations and the apartheid regime. Even during the bombing of Gaza, this cooperation wasn’t suspended—it intensified. In November 2023, Israel awarded new offshore gas licenses to three European fossil fuel giants, including BP, for exploration in waters off the coast of occupied Palestine (1).

On the other hand, Israel is heavily dependent on imports of fossil fuels, notably coal and oil. Imported coal powers Israel’s electricity grid—including infrastructure used in illegal settlements and military facilities. Meanwhile, much of Israel’s oil arrives via the Baku-Tbilisi-Ceyhan (BTC) pipeline, which transports crude from Azerbaijan through Turkey to Israel. There, it is refined into jet fuel used in combat operations (1).

Switzerland’s involvement

Swiss-based companies are deeply entangled in these energy flows:

• Glencore, headquartered in Baar (Switzerland), exported 90% of Colombian coal to Israel in 2023 (3 million tonnes), generating revenue of nearly 165 million dollars with the U.S.-based company Drummond, according to the Reuters news agency. This coal fuels illegal settlements and Israeli military infrastructure (2).

• The BTC pipeline, which delivered nearly a third of Israel’s oil imports during the Gaza assault, is partly owned by BP and SOCAR (State Oil Company of Azerbaijan Republic) (1).

• Vitol, based in Geneva, also uses this pipeline (5).

• Among SOCAR’s top 10 shareholders are two Swiss banks: Vontobel and UBS, which invested CHF 9 million and CHF 10 million respectively in SOCAR in 2023 (4).

These ties provide Israel with the political and financial backing necessary to sustain its war machine and colonial system. Switzerland—through its banks and fossil fuel traders—bears responsibility.

UBS’s Expanding Investments in Elbit Systems

Despite these warnings, UBS has significantly increased its investments in Elbit Systems, a major Israeli arms manufacturer known for supplying weapons used in the assault on Gaza. In the first quarter of 2024, UBS increased its holdings in Elbit by 875%. By March 2025, the bank disclosed that it held 27,709 shares valued at $10.63 million, marking an 83% increase since February 2025. Additionally, UBS Asset Management Americas holds another $2.8 million worth of Elbit stock. These investments persist despite abundant documentation of Elbit’s involvement in war crimes and surveillance technology used to oppress Palestinian populations. (7)

Swiss National Bank’s (SNB) Complicity

The Swiss National Bank (SNB) is also deeply entangled in this system. As of 2025, it holds nearly $32 million worth of Elbit shares, making it one of the company’s largest Swiss investors. In response to public outcry following a major purchase in 2023, the SNB claimed it would avoid investments that contribute to serious human rights abuses. However, its continued stake in Elbit—a company long known for its role in violations of international humanitarian law—exposes the hypocrisy of its ethical guidelines.

Given that the SNB is largely state-owned, with shares held by the Swiss Confederation and Cantons, its investment in Elbit implicates the Swiss state itself. Under Article 1 of the Genocide Convention, states are obligated not just to punish genocide but to prevent it through all available means. For over 600 days, the Swiss state has failed to meet this obligation. The SNB’s investments thus do not merely reflect negligence—they demonstrate active complicity (7, 8).

Complicity in Genocide and Corporate Accountability Under International Law

International legal frameworks, including Article 3 of the UN Convention on the Prevention and Punishment of the Crime of Genocide, clearly establish that complicity in genocide is itself a punishable crime (6). This includes financial support to corporations or state entities directly enabling such crimes—such as arms manufacturers supplying a military engaged in genocide. In January 2024, the International Court of Justice (ICJ) ruled that Israel is plausibly committing genocide in Gaza. This was further supported in May 2024 by the United Nations’ report “Anatomy of a Genocide”, and in September 2024, the UN General Assembly passed a resolution calling for a military embargo and economic sanctions against Israel.

Legal experts, including Dr. Irene Pietropaoli, have reinforced this position. In her June 2024 opinion, she stated:

“Banks and other financial institutions that finance companies selling arms or other military supplies to the Israeli military or that provide funds directly to the Israeli State may contribute to the commission of genocide and violations of international humanitarian law in the Occupied Palestinian Territories (OPT), namely Gaza.” (6)

Environmental impact of Elbit Systems

Beyond its human rights record, Elbit Systems also contributes significantly to environmental harm, exacerbating its negative global footprint. The company manufactures a range of military technologies—such as drones, ammunition, and surveillance systems—whose production, testing, and deployment result in substantial air, soil, and groundwater contamination. For example, Elbit’s weapons testing sites and manufacturing facilities have been linked to toxic waste, hazardous chemical emissions, and disruption of fragile ecosystems in the Negev desert and other occupied areas (9). In some regions, Elbit’s military drone testing has led to elevated noise pollution and destruction of biodiversity habitats. Moreover, Elbit’s supply chains rely on high-emission materials such as rare metals and petrochemicals, contributing to climate change and ecological degradation, particularly in militarized and colonized zones (10).

Thus, institutions investing in Elbit not only risk legal liability for complicity in war crimes but also support ecological violence that disproportionately affects vulnerable communities and contributes to climate injustice.

Our response

As part of the Stop Fueling Genocide and Energy Embargo for Palestine campaigns, we organized actions targeting Glencore and SOCAR, denouncing their complicity in Israel’s crimes. We join the call from Palestinian organizations, workers, and global solidarity groups demanding an energy embargo on Israel:

➡️ No more fossil fuel imports into Israel.
➡️ No more Israeli gas exports.

➡️ Stop the genocide and free Palestine!