Canada’s setting minister doesn’t bounce to take up UN name for windfall taxes – Power Information for the Canadian Oil & Gasoline Trade


OTTAWA — Setting Minister Steven Guilbeault is not warming to the thought of combating local weather change by imposing a windfall tax on the huge earnings being posted by some Canadian oil and gasoline producers.

Through the annual UN Normal Meeting in New York Metropolis this week, Secretary-Normal António Guterres stated fossil gas firms are making huge earnings and needs to be taxed additional to pay for local weather motion and ship assist to folks battling their vitality and meals payments.

Guterres stated the poorest and most susceptible folks on this planet have contributed the least to the local weather disaster however are bearing the brunt of “its most brutal impacts.”

“The fossil gas trade is feasting on tons of of billions of {dollars} in subsidies and windfall earnings whereas family budgets shrink and our planet burns,” he stated.

When requested if Canada would comply with Guterres’ request throughout a name with reporters Thursday, Guilbeault didn’t immediately say sure or no. Somewhat, he stated Canada is already making certain fossil gas firms pay their justifiable share towards local weather motion by means of carbon pricing and laws.

“I believe the secretary-general was additionally speaking about the truth that fossil gas firms have to be paying for local weather change air pollution and that is precisely what we’re doing in Canada with carbon pricing,” Guilbeault stated.

He stated the federal government can also be setting up laws past simply carbon pricing that pressure oil and gasoline firms to chop their carbon footprints.

That features an general cap on oil and gasoline sector emissions and particular laws on methane from oil and gasoline manufacturing, and on general emissions from producing and utilizing gasoline and diesel.

International oil costs surged final winter following the Russian invasion in Ukraine, driving up earnings for oil and gasoline firms worldwide.

Within the first six months of this yr, Canada’s 4 greatest oilsands producers reported greater than $21 billion in earnings, greater than 3 times their earnings in the identical interval final yr.

This report by The Canadian Press was first printed Sept. 22, 2022.

Mia Rabson, The Canadian Press

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