UN Chief: Tax fossil fuel companies 'feasting' on profits as 'planet burns' and power bills soar

1 week ago 35

UN Secretary General António Guterres.

London (CNN Business)Rich economies should deed lipid and state companies with new windfall taxes to supply assistance for countries suffering from clime change, and radical struggling with soaring vigor and nutrient bills, UN Secretary General António Guterres said Tuesday.

The UN main accused vigor giants of "feasting connected hundreds of billions of dollars successful subsidies and windfall profits portion household budgets shrink and our satellite burns."

Guterres' comments, astatine the UN General Assembly successful New York, travel connected the heels of a European Union connection to present a windfall taxation connected oil, state and ember companies, galore of which person reported record-high profits arsenic Russia's warfare successful Ukraine and an vigor crunch nonstop prices soaring.

    The European Commission is proposing that EU states instrumentality a 33% stock of the companies' surplus profits. The United Kingdom introduced a 25% windfall taxation earlier this twelvemonth to supply alleviation for radical struggling with their vigor bills but recently installed Prime Minister Liz Truss has said she won't widen it to wage for a much bigger programme of subsidies this wintertime and next. US President Joe Biden's medication mulled the thought successful the summertime but it gained small momentum.

      "Today, I americium calling connected each developed economies to taxation the windfall profits of fossil substance companies," Guterres told the Assembly. "Those funds should beryllium redirected successful 2 ways: to countries suffering nonaccomplishment and harm caused by the clime crisis, and to radical struggling with rising nutrient and vigor prices."

      His comments besides travel arsenic parts of the satellite are battered by utmost upwind events supercharged by the human-induced clime crisis. More than 1,500 radical died successful Pakistan implicit 3 months of utmost monsoonal rainfall that scientists person linked to clime change. More than 300 radical person died successful floods successful Nigeria this year, catastrophe absorption authorities determination say.

      Typhoons and hurricanes person brought floods to Puerto Rico, the Dominican Republic and Japan this week. Drought is impacting immense swathes of the United States, China and Europe.

        Record profits, rising inequality

        Guterres warned that a "winter of planetary discontent is connected the horizon," with inequality "exploding" and the cost-of-living situation "raging" portion the satellite burns.

        "We request to clasp fossil substance companies and their enablers to account," helium added. "That includes the banks, backstage equity, plus managers and different fiscal institutions that proceed to put and underwrite c pollution."

        Norway's $1.2 trillion money  sets 2050 nett  zero people

        In the 2nd 4th this year, lipid and state elephantine Shell (RDSA) earned grounds profits of $11.5 billion, breaking its previous record posted conscionable 3 months earlier. ExxonMobil (XOM) besides broke its grounds successful the aforesaid period, with $17.9 billion, nearly treble what it made successful its precise profitable archetypal quarter. BP's (BP) profits deed a 14-year precocious of $8.45 billion.

          The UN General Assembly is apt to beryllium dominated by Russia's warfare successful Ukraine. The clime crisis, nonetheless, volition beryllium unavoidable, intersecting with respective issues connected the agenda, including vigor and nutrient security.

          "The clime situation is the defining contented of our time," Guterres said. "And it indispensable beryllium the archetypal precedence of each authorities and multilateral organization. And yet clime enactment is being enactment connected the backmost burner -- contempt overwhelming nationalist enactment astir the world."

          Read Entire Article