The cost of climate change is ignored when it comes to oil profits, New Economics Foundation commented. If the social costs of the greenhouse gas emissions of the oil and gas companies were taken into account, the huge profits reported by the companies would turn into losses.
New Economics Foundation concluded this in its research on it. The £10bn-plus profits are dwarfed by costs of emissions associated with their products; Nef found. It is just reported by Shell and BP. UK Treasury revenues from oil and gas may be a disincentive to curbing greenhouse gas emissions, Nef also suggests.
Via: BBC News