By Canadian Press

Canada not looking toward windfall taxes on fossil fuel companies, minister says

Sep 22, 2022 | 11:15 AM

OTTAWA — Environment Minister Steven Guilbeault isn’t warming to the idea of combating climate change by imposing a windfall tax on the massive profits being posted by Canadian energy companies.

U.N. Secretary-General António Guterres this week said fossil fuel companies are making massive profits and should be taxed extra to pay for climate action and deliver help to people struggling with their energy and food bills.

Guilbeault says Canada is already ensuring fossil fuel companies pay their fair share toward climate action through carbon pricing and regulations.

That includes an overall cap on oil and gas sector emissions and specific regulations on methane from oil and gas production, and on overall emissions from producing and using gasoline and diesel.

Global oil prices surged last winter following the Russian invasion in Ukraine, driving up profits for oil and gas companies worldwide.

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In the first six months of this year, Canada’s four biggest oilsands producers reported more than $21 billion in profits, more than three times their profits in the same period last year. 

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

The Canadian Press