Ivana Bacik (Dublin Bay South, Labour) | Oireachtas source

It is more than 12 months since the Labour Party brought a motion to this House calling for a windfall tax on the profits of energy companies, which was back in January 2022.

In the year since, we have seen Shell plc record a record profit of $40 billion and during the same year BP plc's profits have doubled to €28 billion, even as it scaled back its albeit modest climate action plans. During that year a windfall tax could have recouped money from those profits to assist with the shift to a green economy across the EU and to ease the immense burden of the cost of living and rising energy bills for so many households. Yet, while the planet burns, we are seeing oil magnates and corporates like BP and Shell just cashing in.

I raised this yesterday with the Taoiseach on the Order of Business and asked him when we would see the introduction of a windfall tax by Government and he indicated it was under consideration. I am asking the Minister now when we will see that debate on the introduction of the necessary windfall tax on the profits of energy companies, particularly as families and households are now grappling with severe hardship and poverty due to rising energy bills.

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