U.N. Secretary-General calls for ‘windfall’ tax on big oil and gas companies’ profits | DW News

U.N. Secretary-General Antonio Guterres has said that preventing the earth’s temperature from warming beyond the 1.5°C limit was still possible – but that the international community, both states and companies alike, would have to do far more to achieve this goal. Guterres urged countries to impose a ‘windfall’ tax on the profits of Big Oil and Gas companies, given that the fossil fuel industry has been one of the largest emitters of greenhouse gas emissions globally. Other techniques employed by the fossil fuel industry, such as carbon capture and storage, have slightly reduced emissions, but have been unsuccessful in bringing down emissions to levels which would create the conditions for capping warming at 1.5°C. The promise of carbon capture and storage has not met expectations set by massive projects funded by Chevron and other companies which invested billions of dollars into the technology. In many cases, carbon capture and storage are used by the fossil fuel industry to perform “enhanced oil recovery”, in other words, using captured carbon to get more oil out of ground reserves.

#windfalltax #fossilfuel #bigoil

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