Stop Public Subsides To Fossil Fuel Production

We propose the discontinuation of public subsidies for fossil fuel and hydrocarbon production. This change reflects our commitment to reducing the financial support for industries that contribute to environmental challenges. As part of this effort:

  1. No further Field Allowances will be granted.

  2. The Ring Fence Corporation Tax rate on profits from oil and gas will be increased to 30%.

  3. The Supplementary Charge rate will be raised to 32%.

  4. The Petroleum Revenue Tax will be set at 50%.

  5. We will also immediately halt the issuance of new licenses for oil, gas, and other fossil fuel product exploration and production. No new licenses will be granted moving forward.

Our goal is to foster a transition to more sustainable and environmentally friendly energy sources while ensuring fiscal responsibility and accountability.