Environment Minister Steven Guilbeault says oil and gas companies should invest record profits in climate action
Oil and gas companies can show their commitment to climate action by investing some of their record profits to cut their emissions, Environment Minister Steven Guilbeault said Friday.
Guilbeault says neither he nor the government is stoutly against windfall taxes that could redirect some of those profits to people or climate action. The European Commission recently proposed a windfall tax along the lines of what Guterres wants. The United Kingdom imposed one over the summer, though new Prime Minister Liz Truss is not a fan and while she won’t cancel the one brought in already, she won’t extend it as some have requested.A surge in global oil prices following the Russian invasion in Ukraine sent oil company profits through the roof.
Dilling said the “projects and technologies to reduce emissions will be developed and financed over a period of 30 years, during which we will be subject to fluctuating commodity price cycles, such as these.” Collins said “oil companies are making record profits” and the government should tax them to “help put more money back in people’s pockets.”
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