António Guterres calls for 'extra taxes' on oil companies at climate summit

The United Nations Secretary General, António Guterres, called on all the world's governments to "tax the windfall profits" of oil and gas companies. The UN leader argued, from the Climate Summit in Egypt, that this money should be used to help people cope with rising energy prices, food and the impacts of the climate crisis:

Guterres noted that fossil fuels generate "deadly impacts on climate change" and stated that "the war in Ukraine has exposed the profound risks of our addiction" to these fuels.

"Climate Solidarity Pact"

The secretary also called for "climate justice" and added that governments must reach "a historic pact between developed countries and emerging economies, a Climate Solidarity Pact.” It would specifically target China and the US, which he said "have the greatest responsibility to make this pact a reality":

"The global climate fight will be won or lost," as "we come perilously close to the point of no return."

Financing should be scaled

"Today, some three and a half billion people live in countries highly vulnerable to climate impacts," the leader said, calling on country delegates to make more progress in negotiating aid and assistance to less advanced nations in adapting to climate change.

He added that developed countries pledged to double their support for such "adaptations" to $40 billion a year by 2025. In order to make it a reality, a roadmap is needed on how the money will be "delivered.” Guterres judged the international financial institutions, as they "must change their business model" and do their utmost "to increase financing and adaptations to better mobilize private finance to invest massively in climate action."

"The climate fight will be won or lost in these few crucial years. Those who give up are sure to lose. Let us fight together and win for those 8 billion members of the human family and for generations to come," he concluded.