Rishi Sunak has doubled the use of fossil fuels by giving polluting oil giants a tax incumbent, the Scottish Greens say.
Climate organisations and opposition politicians have slammed the Chancellor for setting incentives for oil and gas production – despite the fact that climate scientists, the United Nations and the International Energy Agency have made it clear that the world must stop new investment in fossil fuels.
Ross Greer, the financial affairs spokesman for the Scottish Greens said that “perverse incentive” for oil and gas giants would encourage companies to drill further into the North Sea.
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In order to ensure that the new capital expenditure levy will not deter businesses, Sunak announced that those who invest in oil and gas extraction will be eligible for hefty tax breaks on such spending.