The UK Exchequer’s dependence on fossil fuel income
Andrew Simms, David Woodward, James Leaton, Petra Kjell
22 October 2006
How fossil fuel profits could be taxed to fund a clean energy economy.
Research from NEF and WWF reveals the paradox of the UK Treasury hooked on income from the oil and gas sector, yet missing a never-to-be-repeated opportunity to invest in the transition to a sustainable energy system by failing to tax surplus profits from oil.
The research calls on the government to follow the broad example set by Norway, which established an Oil Legacy Fund to finance renewable energy.
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