Fossil fuel profits

Windfall profits taxes in Europe permit fossil fuel companies to deduct the amount they invest in access to fossil fuels.

That is the usual way of handling taxes on business, but it will lead for bad results with fossil fuel investments. There is no room in the carbon budget for more fossil fuel wells or processing capacity, so investing in those things should be forbidden. If it can't be forbidden just yet, at least it should not be tax-deductible.