Canada's NDP


November 1st, 2023

NDP Proposal for Excessive Profits Tax Could Generate Billions of Dollars, Parliamentary Report Says

NDP Environment Critic Laurel Collins and Natural Resources Critic Charlie Angus issued the following statement following the release of a new report showing that a tax on the excessive profits of large oil and gas companies would generate more than $4 billion:

"Canadians are living with the devastating effects of the climate crisis, and we've seen things worsen with this summer's wildfire season. But as climate change continues to accelerate, the government is failing to respond.

For years, the Liberals have stood idly by while Canada's biggest polluters are making more money than ever and causing irreparable damage to the planet. The Parliamentary Budget Officer's new report confirms the findings of a similar report released last fall. If the Liberals were to force the big oil and gas companies, which have raised their prices to make record profits, to pay their fair share, it would generate billions that could be invested in clean energy and help people deal with the cost-of-living crisis.

But since the first PBO report was released, the Liberals have shown that they would rather be invited to dinner by the big oil companies than stand up to them. As for the Conservatives, they prefer to argue about the very existence of climate change.

New Democrats have been calling for a tax on excessive profits from oil and gas for years. We will continue to fight for such a tax, especially since the information presented today shows how beneficial it could be for Canadians and for our future.