Oil and gas producers in India may have to deal with a windfall tax soon. A source told Hindustan Times the government is considering levying the tax on both private and state-owned producers to offset rising expenditure on fuel, food and fertiliser subsidies along with inflation. The decision, if taken, will mirror the UK’s announcement of a 25% windfall tax on profits of oil and gas companies.
India to get its first carbon trading market in Gujarat
Gujarat is set to get India’s first cap and trade carbon market. The Gujarat government signed a Strategic Partnership agreement with The Energy Policy Institute at the University of Chicago Trust in India (EPIC India) and the Abdul Latif Jameel Poverty Action Lab (J-PAL) at the end of May. Power plants and industries will be allowed to trade CO2 permits in the market, which will act as a tool for the government to meet its climate goals.
G7 commits to working out a coal phaseout
G7 countries committed to working towards phasing out coal, according to a recent meeting communique. They haven’t, however, set a date for a phase out, but are largely committed to decarbonising their power sectors by 2035.
Climate finance should be on top of agenda at COP27, says host Egypt
The host of the next COP, Egypt, made clear its desire to have climate finance on top of the agenda when countries meet later this year. The richest countries, which are also the largest emitters, are yet to follow through on the pledges they made at COP26 held in Glasgow last year. Egypt said it hopes CO27 shifts the focus from pledges and concentrates more on implementation.
Finland passes “most ambitious climate target” into law
Finland’s climate target of becoming the first developed nation to attain net-zero emissions status by 2035 and become net-negative by 2040 has been passed into law. The country arrived at “the most ambitious emissions reduction target” by becoming the first in the world to apply the “fair share” principle. The principle is based on Finland’s share of the global population, its ability to pay to reduce emissions and its historic responsibility towards causing climate change. The Norden country’s target however will largely depend on the sequestration potential of its forests, which for the first time have been shown to have released more GHGs than it absorbed in 2021.
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