BP profits: case for bigger, bolder windfall tax over-whelming

Cash raised should help fund street by street insulation programme
  Published:  01 Nov 2022    |      1 minute read

Responding to BP’s huge profit announcement today, Friends of the Earth energy campaigner, Sana Yusuf, said:

“With the economy sinking, energy bills soaring and the climate crisis deepening, Rishi Sunak must surely act on the excessive profits that fossil fuel firms like BP are raking in.

“The case for a bigger, bolder windfall tax is now over-whelming. This must address the ridiculous loophole that undermines the levy by enabling companies to pay the bare minimum if they invest in more planet-warming gas and oil projects.

“Some of the billions of pounds raised should be used to pay for a street-by-street, home insulation programme to cut energy bills and reduce emissions. As well as providing long-term financial relief to households – especially those most in need – this would boost energy security, cut our gas reliance and help the UK meet legally binding climate targets.”

ENDS

Notes:

1. Earlier this year Friends of the Earth launched its United For Warm Homes campaign. The campaign is calling for:

• Urgent additional financial support to keep people warm. Even with the government’s price freeze, energy bills are still far too high for millions of us. As the price of food and other essentials continues to rise, too many people will be pushed into rationing their energy use this winter and living in cold homes. We need more targeted support to keep people warm and well.

• A nationwide insulation programme. Upgrading homes with insulation is the cheapest and easiest way to permanently reduce our bills. But most people can't afford it. We need governments across the UK to roll out an emergency programme of insulation and energy saving measures now, starting in neighbourhoods where fuel poverty is highest.

• Permanent fixes to our failed energy system. Our energy system currently prioritises massive fossil fuel company profits over meeting people’s basic needs. Everyone deserves a warm home, and there’s no good reason we can’t all have one. By powering our homes with cheap and clean renewables and guaranteeing everyone the energy they need to live comfortably, we can ensure no one is left in the cold.