AGL 5.77 Decreased By ▼ -0.06 (-1.03%)
ANL 9.05 Increased By ▲ 0.02 (0.22%)
AVN 79.03 Increased By ▲ 0.23 (0.29%)
BOP 5.17 Increased By ▲ 0.01 (0.19%)
CNERGY 4.70 Increased By ▲ 0.02 (0.43%)
EFERT 81.10 Increased By ▲ 0.55 (0.68%)
EPCL 50.50 Decreased By ▼ -1.21 (-2.34%)
FCCL 13.50 Decreased By ▼ -0.11 (-0.81%)
FFL 5.77 Decreased By ▼ -0.08 (-1.37%)
FLYNG 7.15 Increased By ▲ 0.03 (0.42%)
FNEL 4.91 Increased By ▲ 0.06 (1.24%)
GGGL 8.88 Decreased By ▼ -0.02 (-0.22%)
GGL 15.81 Decreased By ▼ -0.24 (-1.5%)
HUMNL 5.95 Increased By ▲ 0.15 (2.59%)
KEL 2.60 No Change ▼ 0.00 (0%)
LOTCHEM 29.89 Decreased By ▼ -0.12 (-0.4%)
MLCF 24.84 Decreased By ▼ -0.56 (-2.2%)
OGDC 72.35 Increased By ▲ 0.20 (0.28%)
PAEL 15.45 Decreased By ▼ -0.04 (-0.26%)
PIBTL 5.09 Increased By ▲ 0.08 (1.6%)
PRL 16.49 Increased By ▲ 0.09 (0.55%)
SILK 1.12 Increased By ▲ 0.02 (1.82%)
TELE 9.61 Decreased By ▼ -0.04 (-0.41%)
TPL 7.30 No Change ▼ 0.00 (0%)
TPLP 19.20 Decreased By ▼ -0.03 (-0.16%)
TREET 21.91 Decreased By ▼ -0.04 (-0.18%)
TRG 144.80 Decreased By ▼ -0.17 (-0.12%)
UNITY 16.65 Increased By ▲ 0.03 (0.18%)
WAVES 10.00 No Change ▼ 0.00 (0%)
WTL 1.38 Increased By ▲ 0.01 (0.73%)
BR100 4,248 Increased By 18 (0.43%)
BR30 15,819 Decreased By -2.7 (-0.02%)
KSE100 42,267 Increased By 195.4 (0.46%)
KSE30 15,614 Increased By 110 (0.71%)
Print

UN chief steps up his attacks on oil, gas companies

  • Antonio Guterres pushes developed countries to tax fossil fuel windfall profits
Published September 21, 2022
Follow us

UNITED NATIONS: UN chief Antonio Guterres on Tuesday urged rich countries to tax windfall profits of fossil fuel companies and use that money to help countries harmed by the climate crisis and people who are struggling with rising food and energy prices.

Addressing world leaders at the 193-member UN General Assembly, the climate activist secretary-general stepped up his attacks on oil and gas companies, which have seen their profits explode by tens of billions of dollars this year.

“The fossil fuel industry is feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns,” he said.

“Polluters must pay,” he added.

While Guterres again pushed developed countries to tax the fossil fuel windfall profits, this time he also used his platform to spell out where the money should be spent.

Climate-fueled hunger more than doubles in worst-hit countries: report

“Those funds should be redirected in two ways: to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices,” he told the annual gathering of world leaders in New York.

Britain has passed a 25% windfall tax on oil and gas producers in the North Sea, while the European Union plans to raise more than 140 billion euros to shield consumers from soaring energy prices by taxing windfall profits from oil companies and electric generators. US Democratic lawmakers have discussed a similar idea, though it faces long odds in a divided Congress.

While these plans focus on redirecting windfall profits to domestic consumers, the secretary general advocated for a tax that would be directed to the world’s most climate vulnerable countries, which have been embracing the idea.

He also said multilateral development banks “must step up and deliver” and that helping poor countries adapt to worsening climate shocks “must make up half of all climate finance.”

Guterres added: “Major economies are their shareholders and must make it happen.”

The secretary general also broadened his criticism of oil and gas companies to enabling industries that he said helps keep carbon pollution growing, such as banks and other financial institutions that invest in those companies and the public relations and advertising industries. “Just as they did for the tobacco industry decades before, lobbyists and spin doctors have spewed harmful misinformation,” Guterres said. “Fossil fuel interests need to spend less time averting a PR disaster – and more time averting a planetary one.”

Comments

Comments are closed.

UN chief steps up his attacks on oil, gas companies

PD prepares $496m gas pipeline augmentation plan

Intra-day update: rupee registers marginal losses against US dollar

Pakistan receives $500mn from AIIB: finance ministry

Oil jumps on hopes for easing in China’s COVID controls

IMF, govt begin virtual engagement

Dar willing to allow sugar export?

Presidential Reference on Reko Diq project: SC to announce short order next week

Tax-exempted areas: FBR sets up checkposts to monitor supplies

TTP ends ceasefire, orders nationwide attacks

Saudi unveils plan for massive new airport in capital