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Zack Polanski calls for higher taxes on oil and gas profits to fund wildfire prevention

Financial Times Companies •
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Green leader Zack Polanski called for oil and gas companies that made bumper profits during the Iran war to be taxed at a higher rate to fund wildfire prevention and climate mitigation across the UK. "Should fossil fuel companies be earning or making a single penny of profit at the time we're seeing these disaster crises?" he asked, calling for excess profits to go directly into wildfire prevention and climate adaptation. Shell and BP both declared their highest quarterly profit in four years as oil and gas prices soared following the conflict between the US and Iran. The Green Party's 2024 manifesto calls for increased windfall taxes on oil and gas companies and a carbon tax on all fossil fuels.

Polanski also urged Andy Burnham's Labour government to provide financial support for households to heatproof homes, ensure free accessible cool spaces, and bring water companies under full public control. Half of England and all of Wales have been declared in drought, with water companies introducing widespread hosepipe bans. Almost 2,900 excess deaths were linked to the May and June heatwaves.

The Climate Change Committee warned that Britain needs about £11bn annually for adaptation measures.