Environment Minister says oil and gas companies should invest profits to show their commitment to climate action, otherwise a windfall tax could be imposed

On Friday, September 23, Environment Minister Steven Guilbeault said that in order to show their commitment to climate action, oil and gas companies should invest some of their profits into actions and measures to cut their emissions.

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Recently, the UN Secretary-General António Guterres advised that countries should impose windfall taxes on fossil fuel companies since they are recording record profits in part due to the Russia-Ukraine conflict and because “our planet burns”.

After those comments, Environment Minister Steven Guilbeault said that neither himself or the government has been against windfall taxes that would redirect some of those profits to people or climate action.

A windfall tax is “a tax levied by governments against certain industries when economic conditions allow those industries to experience above-average profits.

Guilbeault added that the government is “very eager to see companies’ investment plans into decarbonization,”.

“If they don’t make those investments while they’re making record-level profits, then when would it be a good time for them to make those investments? If not now, then I don’t know when.”
He also said that he wants “to make it clear” to the industry “that I’m not against windfall taxes.”

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