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B.C. Greens call for provincial windfall profit tax after federal budget falls short

April 16, 2024
   3 min read
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For immediate release

April 16, 2024

VICTORIA, B.C. – Today, the federal government introduced its 2024 Budget, which notably omits a windfall profit tax on oil and gas companies. This omission represents a missed opportunity to create economic stability across British Columbia and the entire country, while also addressing corporate greed and the impacts of climate change.

“I am disappointed with the federal government’s decision to leave out a windfall profit tax on oil and gas companies from the 2024 budget,” said Sonia Furstenau, Leader of the B.C. Greens and MLA for Cowichan Valley. “The federal government had an opportunity to make our economy more fair for Canadians. The oil and gas industry continues to extract billions in profits, while Canadians pay more and more for everyday necessities. A windfall profit tax, with revenues returned to Canadians, could have eased the financial pressures people are feeling while sending a clear message to the oil and gas industry.

“We are calling on the BC NDP, again, to take a stand where the federal government has not. Implementing a windfall profit tax at the provincial level could set a precedent for responsible economic management and show true leadership in tackling both economic and environmental challenges.”

A windfall profit tax represents a step towards a more fair society that will benefit future generations. The BC Greens have consistently advocated for a windfall profit tax on oil and gas revenues, which could provide significant financial resources to support essential services and invest in renewable energy projects. 

“Recent evidence shows that the oil and gas industry effectively lobbied against the proposed windfall profit tax,” continued MLA Furstenau. “It’s clear fossil fuel lobbyists have influenced decision-makers, robbing us of a chance to promote fairness and address economic disparities. Both provincial and federal governments want to demonstrate their commitment to affordability. Introducing this tax would’ve been an obvious step in the right direction,

“This speaks to the unfairness and lack of accountability of wealthy corporations who are fueling the climate crises and increasing our debt burden, making life harder for Canadians.

“Governments need to do the right thing and stand up to fossil fuel companies. It’s past time for the government to put the interests of the public ahead of corporate profits and greed.”

Polling shows a majority of Canadians are in support of a tax on Big Oil profits.

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Media contact
JoJo Beattie
Press Secretary
B.C. Green Caucus
+1 250-882-6187 | jojo.beattie@leg.bc.ca 

 

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