The British government's 5 billion pound ($6.29 billion) windfall tax plan for oil and gas producers includes an incentive for those producers to pump more fossil fuels, riling climate activists who had called for the tax.
Tax bills for oil and gas producers, including the new additional 25% levy on profits, can be reduced significantly with higher investment specifically in oil and gas projects.
Britain's government has pledged to become a carbon-neutral economy by 2050. It also hosted last year's COP26 climate summit, which urged countries to phase out inefficient fossil fuel subsidies. Thursday's announcement that an additional tax on oil and gas producers included a tax incentive for higher production marred the policy in the eyes of climate activists.
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