Oil and gas companies can show their commitment to climate action by investing some of their record profits to cut their emissions, Environment Minister Steven Guilbeault said Friday.
Canadian oil companies are reaping the benefits of surging oil prices following the Russian invasion of Ukraine with many companies posting record profits in the first half of 2022.
This week, UN Secretary-General António Guterres called on countries to impose windfall taxes on fossil fuel companies that are raking in cash while people are suffering from high inflation and "our planet burns."
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