United Nations Secretary-General Antonio Guterres on Wednesday accused oil and gas companies of making “excessive” profits as a result of the energy crisis caused by the war in Ukraine, describing it as “immoral”.
Announcing the publication of a UN report on the consequences of Russia’s invasion of Ukraine, Guterres urged governments to tax the profits of energy companies.
“It is unethical for oil and gas companies to make record profits from this energy crisis at the expense of the poorest people and communities, and at a colossal cost to the climate,” the UN Secretary-General told reporters.
“I urge all governments to tax these excessive profits and use the money to support the most vulnerable in these difficult times,” he added.
“I also urge people everywhere to send a clear message to the fossil fuel industry and its financiers that this hideous greed is punishing the poorest and most vulnerable, while our one common home is destroying the planet.”
Guterres noted that the total profits of major energy companies in the first quarter of the year amounted to nearly $100 billion.
With rising oil and gas prices, BP, ExxonMobil, Chevron and Shell posted huge profits in the second quarter.
The Secretary-General warned that between now and the end of the year 345 million people will be “acute food insecure” or at “risk of food insecurity” in 82 countries, an increase of 47 million people due to the impact of the Ukraine crisis.
Guterres noted that “many developing countries are mired in debt, unable to obtain financing and are struggling to recover from the Corona pandemic.”
“We are already witnessing warning signs of a wave of economic, social and political turmoil from which no country will be immune,” he stressed.