Oil and gas profits could fund global climate efforts, study suggests

A new study argues that taxing excess oil and gas profits could provide billions of dollars in climate financing, easing the financial burden on developing countries.

Maxwell Radwin reports for Mongabay.

In short:

Oil and gas companies earned $495 billion in unexpected profits in 2022 due to energy price spikes from the Russia-Ukraine war.
A 30% tax on these profits could have raised $147 billion, while a 100% tax could have generated $324 billion.
The study suggests using these profits to meet the climate finance needs of developing countries, which currently fall far short of the $1.3 trillion experts estimate is necessary.

Key quote:

“The sheer magnitude of these numbers illustrates that there is ample potential for governments to raise funds for climate action.”

— Study published in Climate Policy

Why this matters:

Redirecting these profits could help mitigate climate impacts, but it requires global political will and cooperation.

news.mongabay.com

Oil and gas profits could fund global climate efforts, study suggests

Trump taking ‘drill, baby, drill’ plan to Venezuela ‘terrible’ for climate, experts warn

Change in Chesapeake’s grass beds means less ‘fish food’

Old but full of energy: Giving EV batteries a second life

FEMA staff bracing for dismissal of 1,000 disaster workers

Are Canadians more afraid of floods — or flood maps?

In Denmark, sick cows and a lot of questions

Major Brazilian grain traders quit Amazon conservation pact

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Pennsylvania health advocates say Trump’s first 100 days in office have caused “100 harms” to local communities

“They're terrorizing these scientists because they want to keep them silent.”

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.