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To Avoid Windfall Tax, UK May Ask for Quarterly Green Plans

  • Companies need to show they’re boosting clean-energy spending
  • Firms should provide green updates every quarter, Sharma says
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Windfall Taxes Will Raise Price of Crude, Analyst Sen Says
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Energy companies will need to provide updates each quarter on how they’re boosting clean energy investments in order to avoid a UK windfall tax on their surging oil and gas earnings, British government minister Alok Sharma said.

Producers are making “extraordinary” profits with rising prices, said Sharma, who’s also president of the COP26 climate summit. Failing to disclose how those earnings are being ploughed into green initiatives would mean “all options are on the table,” he said in a Bloomberg television interview at the World Economic Forum in Davos.