Oil and Gas Exploration: Subsidies

Part of Energy Security and Net Zero – in the House of Commons on 23 May 2023.

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Photo of Jeff Smith Jeff Smith Shadow Minister (Digital, Culture, Media and Sport)

Really? At COP26 the UK signed up to a pledge to eliminate inefficient fossil fuel subsidies, but now the windfall tax has a super deduction loophole worth £11 billion to oil and gas companies—a benefit enjoyed by no other industry. That money could pay to insulate 4 million homes or build renewable power for millions of homes. This will not reduce bills, and it will drive a coach and horses through our climate commitments. Is it not a terrible way to spend public money as well as breaking our climate obligations?