Tax on profits of energy companies must be introduced

Ivana Bacik TD
10 February 2023
  • Labour calls for Windfall Tax in week of record profits for Shell

Labour leader and climate spokesperson Ivana Bacik has demanded the introduction of a Windfall Tax.

Deputy Bacik said:

“It is more than 12 months since Labour brought a motion to Dáil Éireann calling for a Windfall Tax on the profits of energy companies, back in January 2022. It’s beyond time that we tax the enormous profits of energy companies and funnel that money back into the economy for the benefit of those who need it most.

“In the year since the debate on the introduction of such a tax took place, Shell recorded a profit of $40 billion – its highest in 115 years. During that same year, BP’s profits doubled to $28 billion as it scaled back its (modest) climate action plans.

“At a time when bills are rising and wages for hard working people simply haven’t caught up, it’s time to call this out.

“During the 12 months since we called for the introduction of a Windfall Tax, Ireland and the EU have missed a whole year’s opportunity to recoup money from the profits of fossil fuel companies, to help with the essential move to a green economy, and to ease the immense burden of the cost of living for so many households and families.

“While the planet burns, the oil magnates and oligarchs are cashing in.

“I am calling on Government to stand on the side of hard working people, and not on the side of those profiting from the energy crisis and from the illegal invasion of Ukraine.

“Those who are making vast profits out of the energy crisis must pay the most to help build a decent economy and society. Labour is demanding the immediate introduction of a tax on the exorbitant profits of energy companies in order to help those who need it most in our society.”

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