At the General Assembly of the UN in New Yorkthe general secretary of the organization, Anthony GuterresHe urged rich countries on Tuesday to tax windfall profits from fossil fuel companies and use that money to help countries hurt by the climate crisis and people struggling with rising food and energy prices. .
Guterres stepped up his criticism of oil and gas companies, which have seen their profits soar by tens of billions of dollars. “The fossil fuel industry is feasting on hundreds of billions of dollars in subsidies and windfall profits as household budgets shrink and our planet burns,” he said.
Although he again pressed developed countries to tax windfall profits from fossil fuels, this time he also used his pulpit to explain where the money should be spent. “Those funds need to be redirected in two ways: to countries suffering loss and damage from the climate crisis; and to people fighting rising food and energy prices,” he added.
United Kingdom has approved a 25% tax on North Sea oil and gas producers. On the other hand, US lawmakers have debated a similar idea, though it has little chance of succeeding in Congress. “The polluters must pay,” Guterres argued, Reuters replied.
He also said multilateral development banks “must step up and deliver” and that helping poor countries adapt to worsening climate impacts “must make up half of all climate finance.” “Major economies are your shareholders and they should,” he added.