According to a report published in 2020 by the Global Alliance for Tax Justice, corporate ‘profit shifting’, a.k.a. ‘tax avoidance’, cost countries $620 billion in lost tax revenue in that year alone. Nowhere is this kind of behaviour more evident than in the operations of the global fossil fuel industry.
Tag: Fossil Fuel Industry
“The GigawattFactory combines innovative storage solutions, green hydrogen and future-proof power plants and makes environmentally friendly energy available as a secure service – this is a whole new quality in energy supply,” said LEAG CEO Thorsten Kramer, presenting the plan at the East German Energy Forum in Leipzig. “This will make us a pioneer in the safe energy transition.” The project will also be a powerful job engine for eastern Germany and help make energy affordable again, Kramer added.
Photovoltaic and wind power turbines will also be installed in LEAG’s former mining sites. The 7 GW hub will be able to supply four million households with green energy, said the company.
A group of 77 companies took $8.2 billion, and almost all cut jobs.