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Oil giant Aramco says windfall taxes ‘not helpful’ and could stifle decarbonization

Oil giant Aramco lists the reasons why a windfall tax is a bad idea, according to Natasha Turak of CNBC.

The C3 Take
  • A windfall tax on oil companies is a bad idea for consumers, energy security, and the environment.
  • Oil giants such as BP, Exxon, and Shell are leading investors for technologies like renewables, carbon capture, and hydrogen.
  • Burdening companies with additional taxes on profits will discourage energy companies from making important investments.
  • To make meaningful climate and energy progress, lawmakers need to reduce barriers to unleash private sector investments in innovation.

“’There’s no doubt, transition needs to (happen),’ he told CNBC. ‘At the same time we need… to build oil and gas, while at the same time [we] decarbonize oil and gas. We need support for alternatives. But at the same time, we need the support or the conventional sources of energy by building carbon capture and storage and giving incentives and support by policymakers.'”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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