We're very happy to see the end of the flow-through shares for investments in oil and gas companies. We take issue with the flow-through share structure more generally. It really only benefits the absolute elite investors and encourages investment in what are otherwise not profitable undertakings. It can encourage money-losing in ways that is destructive for the places where that investment is actually encouraging action.
The carbon capture subsidy is also incredibly concerning. It strikes us as being a subsidy that will mostly benefit the oil and gas industry, which has already enjoyed decades of an effective subsidy by not charging for the emission of carbon. We have an incredibly over-developed oil and gas sector and we need to transition as quickly as we possibly can. We don't think that trying to encourage carbon capture technology that way is the way to achieve what needs to be achieved.
We would much rather see direct investment in creating these technologies without it risking becoming effectively a new tax dodge by companies that, frankly, are experts at avoiding taxes.