Canada has no plans to tax oil companies' windfall profits

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Canada has no intention of taxing oil windfall profits

Canada's Environment Minister Steven Guilbeault said Canada is already making sure oil companies pay their fair share.

Called to react to the UN Secretary General's statement calling on developed countries “to tax the windfall profits of fossil fuel companies”, Canada's Environment Minister said Canada was already ensuring that the oil companies paid their fair share.

In a speech before the United Nations General Assembly on Tuesday, the Secretary General of the United Nations UN Antonio Guterres called the climate crisis a textbook case of moral and economic injustice by pointing out that the G20 emits 80% of total greenhouse gas emissions.

Today, I call on all developed countries to tax the windfall profits of fossil fuel companies. These funds should be returned, on the one hand, to the countries in which the climate crisis causes losses and damages, and, on the other hand, to the people who are put in difficulty by the rise in food prices. food and energy, said Antonio Guterres.

On Thursday morning, The Canadian Press asked Canada's Environment Minister to comment on the outing by the UN Secretary General, but Steven Guilbeault showed no interest in taxing the oil companies windfall profits.

I think the secretary general was also talking about the fact that these companies have to do their part in the fight against climate change. This is why, in Canada, we have implemented carbon pricing. We fought all the way to the Supreme Court to be able to put this mechanism in place and it is in place, said the minister during a teleconference with the media to conclude his participation in the climate week in New York.

Steven Guilbeault added that his government has established many mechanisms such as regulations for the reduction of methane emissions.

Canada has committed, by 2030, to reduce methane emissions from the oil and gas sector by at least 75% by 2030 below baseline levels. from 2012.

“The planet is on fire, people are suffering, and the most vulnerable are the most affected,” Antonio Guterres indignantly told the United Nations General Assembly.

On Tuesday, Antonio Guterres recalled that global greenhouse gas emissions must be reduced by 45% by 2030 if we can hope to reach zero by 2050.

Yet emissions are at record highs: they are on track to increase by 14% this decade, he said. -it added.

The UN Secretary General began his speech with these words: Our world is in dire straits, emphasizing that the climate crisis is the defining issue of our time.

The planet is on fire, people are suffering, and the most vulnerable are the most affected, Antonio Guterres was indignant, mentioning that the suicidal war against nature jeopardizes the Charter of the United Nations and the ideals she wears.

Oil companies have reaped windfall profits this year due to soaring energy prices, linked to the conflict in Ukraine.

Canadian Cenovus Energy, for example, posted a net profit of $2.4 billion last July, more than ten times higher than last year for its most recent quarter.

During the same period, Suncor announced that it had made profits of $3.99 billion in the second quarter, a result more than four and a half times higher than the 868 million of the same period in 2021.

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