Opinion by Mathew Carr
May 5, 2022 — Environmental lobby groups are calling for an end to free EU carbon allowances, and Shell’s super-normal profits show there needs to be a focus on this effective public subsidy to fossil-fuel companies.
Taxpayers and consumers are losing out on the revenue they should be getting from the sale of carbon allowances, a public good.
Most of the world doesn’t even make polluters pay — at all.
Consumers are also losing out because of the huge cost increases for energy caused by the Russia-Ukraine war.
Politicians need to react. Windfall taxes are being suggested.
Getting rid of free CO2 allowances would be worth considering as part of a package to make markets work better for the climate.
A global system is needed to ensure fossil-fuel burners all pay carbon prices — or at least those wanting to supply G20 nations — and to end FF subsidies in all their guises.
People — taxpayers and consumers — are angry and are set to get angrier.
Here are Shell’s financial results. They are shocking in their scale.
Billions More in Q1 from Drilling, Burning, Products, Chemicals