Higher taxes on energy companies “probably needed”, says Shell CEO

Van Beruden stated that taxes on “people in this room” will probably need to be raised in order to help defend poorer households from higher energy bills.

He insisted that European energy prices and the massive turbulence that markets are currently facing would be follow by broad social instability

Van Beurden insisted against government intervention via wholesale price-caps on gas, stating that it would deter investment in the European energy sector. Saying instead that intervention should come in the form of higher taxes for energy companies.

Speaking to the forum, the energy executive said: "You cannot have a market that behaves in such a way ... that is going to damage a significant part of society."

"One way or another there needs to be government intervention that somehow results in protecting the poorest."

He continued: "That probably may then mean that governments need to tax people in this room to pay for it."

A spokesperson for Shell later said that van Beurden was referring to companies and not individuals.

His comments come as governments across Europe reel from the energy crisis that has been attributed to Russia’s invasion of Ukraine.

The UK instituted a windfall tax on oil or gas producers, but chose to fund this via borrowing rather than imposing further levies.