United Nations Secretary-General Antonio Guterres has urged governments to implement taxes on the excess profits of major oil and gas companies, directing the revenue to aid countries vulnerable to climate change. Speaking at the COP31 climate summit in Antalya, Turkey, Guterres emphasized the need for enhanced climate action as the likelihood of global temperatures surpassing the 1.5°C limit set by the Paris Agreement increases.
Guterres pointed to the stark financial disparity between the substantial profits of fossil fuel companies and the limited resources available to developing nations suffering from climate-related disasters. He noted that nine leading oil and gas companies amassed approximately $95 billion in profits in the last quarter, whereas the UN’s Loss and Damage Fund has only gathered about $600 million to assist impacted countries.
The Secretary-General argued that taxing these significant profits could provide crucial financial support to nations grappling with rising temperatures, extreme weather events, and environmental damage. He stressed the importance of accelerating efforts to reduce emissions to mitigate the severity and duration of global warming.
Guterres called for greater accountability from the fossil fuel industry, asserting that polluters must play a role in addressing the climate crisis and supporting affected communities. By redirecting revenue from oil giants’ profits to climate action, Guterres believes that vulnerable countries can receive the support they need to adapt and recover.