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UN Secretary General urges governments to tax ‘immoral’ oil and gas profits

United Nations Secretary General Antonio Guterres speaks during the 2022 Review Conference of the Parties to the Treaty on the Non-Proliferation of Nuclear Weapons at the United Nations in New York City on August 1, 2022.

Ed Jones | AFP | Getty Images

WASHINGTON — United Nations Secretary-General Antonio Guterres urged governments on Wednesday to tax excessive oil and gas profits as the world grapples with an energy crisis triggered in part, by Rusisa’s war in Ukraine.

“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities,” Guterres said in a speech before the international forum.

He added that the funds, which equate to $100 billion in the first quarter of this year should instead be used to support vulnerable communities.

“This grotesque greed is punishing the poorest and most vulnerable people while destroying our only home,” Guterres said, calling for governments to also address the mounting climate crisis.

Guterres added that the consequences of the Kremlin’s war have extended beyond Ukraine’s borders and have exacerbated global food insecurity, rising energy costs and crippling debt around the world, but specifically in developing countries.

“Many developing countries drowning in debt, without access to finance and struggling to recover from the COVID-19 pandemic could go over the brink, Guterres warned.

“We are already seeing the warning signs of a wave of economic, social and political upheaval that would leave no country untouched,” he added.

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