oil and gas

‘Grotesque greed’: UN Secretary-General urges governments to tax fossil fuel firms’ ‘excessive’ profits

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The UN Secretary-General yesterday urged governments to tax the “excessive profits” of oil and gas firms and use the funds to support vulnerable households struggling with soaring energy and food costs. In the launch of a UN-backed crisis group response focused on tackling sharpening notes food, energy, and financial security risks, Antonio Guterres urged governments, … Read more

Collaboration, risk sharing, and common standards: What are the key accelerators of industrial decarbonisation?

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A new report from WEF and Accenture sets out recommendations for how financiers, businesses, and government can work together to decarbonise some of the world’s most hard-to-abate sectors Decarbonising heavy industry is going to require collaboration on an impressive scale between companies that have historically been in fierce competition with one another. That is one … Read more

‘A scandal’: Government hit with legal challenge over decision to approve Jackdaw gas field

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The UK government has been hit with fresh legal action over its decision to give Shell the greenlight to develop the Jackdaw gas field in the North Sea, with claimant Greenpeace arguing Ministers failed to adequately consider the potential climate impacts of the project. The campaign group today said it had launched a legal challenge … Read more

Study: Billions of pounds ‘lost’ to oil and gas tax relief could have funded insulation in two million homes

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Billions of pounds in potential tax breaks offered to oil and gas companies by the Treasury as part of its fresh cost of living support package last week could have been used to fund better insulation in around two million UK homes, according to analysis today by E3G. The environmental think tank said the Treasury’s … Read more

‘A sticking plaster’: The green economy reacts to Energy Profits Levy and household bills support

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Government taps oil and gas profits to help pay for fresh £15bn energy bills support

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Rishi Sunak has announced a temporary levy on oil and gas company profits in order to help fund a fresh £15bn package of measures to support households facing soaring energy bills today, marking a major U-turn from the Chancellor’s previous referral to back a so- called ‘windfall tax’. Following record high oil and gas prices … Read more

Reports: Sunak orders plan for windfall tax on power companies and oil and gas producers

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The Chancellor has ordered Treasury officials to draw up proposals for a windfall tax on the excess profits of oil and gas companies, according to a report that suggests the government is gearing up for a major u-turn following weeks of political pressure. The government has for weeks insisted it is against a windfall tax … Read more

Schroders backs shareholder demands for emissions cuts from oil and gas giants

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Asset management giant Schroders is urging oil and gas giants to set climate targets in line with the Paris Agreement, as part of a push to encourage a faster transition to net zero emissions. The investor yesterday announced it was pre-declaring its voting intentions for upcoming shareholder resolutions at Chevron, ExxonMobil, and Shell, which aim … Read more