Thursday, August 04, 2022

Windfall tax now!

Inflation is through the roof, and "coincidentally" so is oil company profiteering. UN Secretary-General António Guterres calls it what it is: grotesque:

The UN secretary general, António Guterres, has described the record profits of oil and gas companies as immoral and urged governments to introduce a windfall tax, using the money to help those in the most need.

Speaking in New York on Wednesday, Guterres said the “grotesque greed” of the fossil fuel companies and their financial backers had led to the combined profits of the largest energy companies in the first quarter of this year hitting almost $100bn (£82bn).

“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities, at a massive cost to the climate,” he said.

“I urge all governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times.”

He's right, about both the problem and the solution. These companies are making mega-profits from destroying the planet. Those profits should be taken from them, redistributed, and used to reduce the harm they cause. Not only will this improve social justice, but it will also help reduce the incentive for such destructive behaviour in the first place.

So Labour, how about it? Do you stand with the people, or the oil companies? With the planet, or its killers?