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

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

The cure to the cost-of-living crisis? A fossil fuel detox and retrofit revolution

The government must revamp its ‘half-hearted’ windfall tax on fossil fuel companies to divert their bumper profits into home energy efficiency upgrades and support for low-income households, writes Ashden’s Harriet Lamb August has kicked off in style with oil giant BP announcing eye-watering quarterly profits of $8.45bn (£6.9bn), the highest in 14 years. As senior … Read more

An energy windfall tax too far?

New paper from Energy UK warns extending windfall tax to cover power generators would seriously clean net zero transition and push up energy bills in the long term With Number 10 desperately hunting for policies that might save Boris Johnson’s embattled premiership, attention has quickly turned to one of the few things that can unite … 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

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

The UK's net zero target is under threat because there's no plan to pay for it

Building decarbonisation is critical to delivering a net zero Britain, but neither the Treasury nor Scottish government have set out a vision for how a mass green homes retrofit program could be funded, writes Glasgow Caledonian University’s Keith Baker The UK government’s plan for achieving net zero greenhouse gas emissions by 2050 is at a … Read more

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

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