DETNF - EU Commission to propose Windfall tax on big oil proceeds to fund renewables

According to Reuters sources, the European Commission will propose EU countries tax energy companies' windfall profits from the gas price rise. With revenue from the windfall being invested in renewable energy sources. The proposal is subject to change, but would not introduce an EU-wide tax, rather it would permit governments to introduce the tax without running afoul of EU rules.  This could create short and medium-term challenges for the continent, as Europe looks to wean off dependence on Russian energy flows. In the short term, Europe needs to rebuild dwindling coal and natural gas supplies, as outlined in Sunday's speech by German Chancellor Scholz. In the medium term, Europe needs more energy, as evidenced by a recent speech from French President Macron outlining plans for the rebirth of France's nuclear industry. In the short term, any additional natural gas supplies to Europe will need to come from Russia or LNG imports, as Norway

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EU Commission to propose Windfall tax on big oil, proceeds to fund renewables