Climate ‘makes oil profit vanish’
`The huge profits reported by oil and gas companies would turn into losses if the social costs of their greenhouse gas emissions were taken into account.
That is the conclusion of research by the New Economics Foundation (Nef).
Nef found that the £10bn-plus profits just reported by Shell and BP are dwarfed by costs of emissions associated with their products. [..]
Reporting previously undisclosed figures, Nef’s policy director Andrew Simms writes: “Our new calculations from research in progress with WWF, based on Treasury statistics, show that UK government income from the fossil fuel sector – conservatively estimated at £34.9bn ($61bn) – is greater than revenue from council tax, stamp duty, capital gains and inheritance tax combined.’