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

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

“It is immoral for oil and gas companies to make record profits from this energy crisis at the expense of the poorest people and communities,” Guterres said in a speech to the international forum.

He added that the funds, which will total $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 on governments to also address the mounting climate crisis.

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

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

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

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