The oil industry is on its death bed so I’m not against what you’re saying, but we’re currently subsidizing the green energy sector (a good thing) with nothing in return (a bad thing).
We should look to how Norway avoided Dutch Disease and taxed the hell out of private oil extraction. They subsidise the discovery (the risky part) and then slap a very heavy tax on the oil those companies then extract and sell, all the while having a national oil company they have to compete with it (crucial to keep oil expertise within the government).
Norway already taxes private wind energy and hydropower, because they know the oil industry will be dethroned by the green energy industry soon and don’t want to simply subsidize their profits. Norway also owns wind energy both domestically and in other countries (hilariously, they own more UK wind energy than the UK government itself does), and massive amounts of the hydropower.
The oil industry is on its death bed so I’m not against what you’re saying, but we’re currently subsidizing the green energy sector (a good thing) with nothing in return (a bad thing).
We should look to how Norway avoided Dutch Disease and taxed the hell out of private oil extraction. They subsidise the discovery (the risky part) and then slap a very heavy tax on the oil those companies then extract and sell, all the while having a national oil company they have to compete with it (crucial to keep oil expertise within the government).
Norway already taxes private wind energy and hydropower, because they know the oil industry will be dethroned by the green energy industry soon and don’t want to simply subsidize their profits. Norway also owns wind energy both domestically and in other countries (hilariously, they own more UK wind energy than the UK government itself does), and massive amounts of the hydropower.