Little of the money is going to taxpayers: Channel 4 revealed that BP has paid no tax on its North Sea oil and gas for five years. The facts of oil and gas company investment do not bear out the claim that the massive returns are being poured into green projects and the race to net zero greenhouse gas emissions. Chris Venables, of the Green Alliance thinktank, said: “The time for oil and gas companies to have invested in the clean energy transition was two decades ago – when they were peddling climate change denialism. “It’s clear that oil and gas companies don’t intend to divert their eye-wateringly excessive profits to fund the green transition we need. They have no profit-based reason to do this, because drilling for oil and gas is more lucrative than investing in cheap, green energy,” he said.

Source: The Guardian February 12, 2022 09:11 UTC