Canada’s environment minister does not jump to take up UN call for windfall taxesOTTAWA — 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 some Canadian oil and gas producers. "The fossil fuel industry is feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns," he said. Rather, he said Canada is already ensuring fossil fuel companies pay their fair share toward climate action through carbon pricing and regulations. He said the government is also putting in place regulations beyond just carbon pricing that force oil and gas companies to cut their carbon footprints. Global oil prices surged last winter following the Russian invasion in Ukraine, driving up profits for oil and gas companies worldwide.

Source: CBC News September 22, 2022 17:53 UTC