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

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

United Nations Secretary-Basic 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 susceptible individuals.

“It’s immoral for oil and fuel corporations to be making document earnings from this vitality disaster on the backs of the poorest individuals and communities, at an enormous price to the local weather,” Guterres instructed 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 almost $51bn in the latest 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 susceptible individuals by means of these troublesome instances,” Guterres stated.

“And I urge individuals all over the place to ship a transparent message to the fossil gasoline trade and their financiers: that this grotesque greed is punishing the poorest and most susceptible individuals, whereas destroying our solely frequent residence,” he stated.

Politicians and shopper advocates have criticised the oil corporations for capitalising on a worldwide provide scarcity to fatten earnings and gouge shoppers. US President Joe Biden stated in June that Exxon and others had been making “more cash than God” at a time when shopper gasoline 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 concept, although it faces lengthy odds in Congress.

Guterres stated Russia’s conflict in Ukraine and the local weather breakdown had been stoking a worldwide meals, vitality and finance disaster.

“Many creating nations – drowning in debt, with out access to finance, and struggling to get better 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 depart no nation untouched.”

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