Global Windfall Tax on Oil Profits

Former UK Prime Minister Gordon Brown has called for a $25 billion (£20.4bn) global windfall tax from the world’s wealthiest oil-producing nations.

Brown argues that countries like Saudi Arabia, the UAE, Qatar, Norway and Kuwait, which he dubs “petro-states,” raked in unprecedented profits as oil prices soared last year, doubling their oil revenues in 2022.

Citing data from the International Energy Association, Mr Brown revealed that global oil and gas revenues surged from $1.5 trillion (£1.2tn) to an astonishing $4 trillion (£3.2tn).

This income surpasses the entire GDP of the UK

Brown’s plan seeks to direct these funds toward a climate fund for less affluent nations, potentially averting a potential deadlock in climate negotiations at COP28.