The British energy giant previously aimed to cut emissions by 35-40% by 2030, but now it is targeting a 20-30% decrease.
Total and Equinor are expected to unveil their own results tomorrow, with Aramco scheduled for next month.
Ed Miliband, Labour’s Shadow Climate Change and Net Zero Secretary, said: “It’s yet another day of enormous profits at an energy giant, the windfalls of war, coming directly out of the pockets of the British people. What is so outrageous is that as fossil fuel companies rake in these enormous sums, [the Prime minister] Rishi Sunak still refuses to bring in a proper windfall tax that would make them pay their fair share.
However, the EPL also included a 91p in the pound relief rate companies investing domestically in the UK.Labour has labelled this a “fossil fuel investment loophole” and forecasts £13bn in takings from scrapping the relief scheme, and backdating the tax from the start of 2022. Mike Tholen, OEUK’s director of sustainability, said: “These calls for an increase in the UK windfall tax, linked to the global profits of energy producers, are deliberately misleading. The UK is subject to global tax agreements which say that it cannot tax profits made by companies outside of the country. That means such a tax could never be implemented. It is irresponsible to pretend otherwise.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why The White House Is Wrong About Oil Major Share Buybacks | OilPrice.comThe Biden Administration has accused oil majors of buying back shares instead of boosting production, but oil majors have been doing both
Read more »
Chevron Looks To Seal Gas Exploration Deal In Algeria | OilPrice.comU.S. supermajor Chevron has increased efforts to reach an energy exploration agreement with Algeria and is assessing the North African country’s estimated huge shale gas resources.
Read more »
A Water Crisis Is Looming Over Western United States | OilPrice.comThe growth of the American West may have reached its limit as warnings about an inevitable water crisis continue to grow louder
Read more »
The EU Is Falling Behind In EV And AI Developments | OilPrice.comThe European Union is falling behind in electric vehicles and artificial intelligence, with China and the United States taking the lead
Read more »
Neo-Nazis Charged With Plotting To Attack U.S. Energy Grid | OilPrice.comFederal authorities have arrested and charged a neo-Nazi man and a woman from Maryland for plotting to attack Baltimore-area electrical substations.
Read more »
Small Modular Reactors Struggle With Scalability | OilPrice.comProponents of nuclear technology are pointing at SMRs as the future of nuclear technology, but with a wide array of new technologies, one of the main challenges is scalability
Read more »