‘Grotesque greed’: UN chief Guterres slams oil and gas companies | Oil and Gas News

UN Secretary-Common Antonio Guterres urges governments to tax oil and fuel corporations’ earnings amid the power disaster.

United Nations Secretary-Common Antonio Guterres slammed the “grotesque greed” of oil and fuel corporations and their monetary backers and urged governments globally to “tax these extreme earnings” to assist essentially the most weak folks.

“It’s immoral for oil and fuel corporations to be making file earnings from this power disaster on the backs of the poorest folks and communities, at an enormous value to the local weather,” Guterres advised reporters on Wednesday.

The 2 largest United States oil corporations – Exxon Mobil Corp and Chevron Corp – plus British-based Shell and France’s TotalEnergies mixed earned practically $51bn in the newest quarter, nearly double what the group introduced in for the year-ago interval.

“I urge all governments to tax these extreme earnings, and use the funds to assist essentially the most weak folks by means of these tough occasions,” Guterres stated.

“And I urge folks in all places to ship a transparent message to the fossil gas business and their financiers: that this grotesque greed is punishing the poorest and most weak folks, whereas destroying our solely widespread residence,” he stated.

Politicians and client advocates have criticised the oil corporations for capitalising on a worldwide provide scarcity to fatten earnings and gouge customers. US President Joe Biden stated in June that Exxon and others have been making “more cash than God” at a time when client gas costs surged to data.

Final month, Britain handed a 25 % windfall tax on oil and fuel producers within the North Sea. US lawmakers have mentioned the same thought, although it faces lengthy odds in Congress.

Guterres stated Russia’s battle in Ukraine and the local weather breakdown have been stoking a worldwide meals, power and finance disaster.

“Many growing international locations – drowning in debt, with out entry to finance, and struggling to get well from the COVID-19 pandemic – might go over the brink,” he stated. “We’re already seeing the warning indicators of a wave of financial, social and political upheaval that would go away no nation untouched.”

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