U.N. secretary-general says ‘polluters must pay,’ calls for extra tax on fossil fuel profits
The U.N. secretary-general said Tuesday that developed economies should impose an extra tax on the profits of fossil fuel companies, with the funds diverted to
The U.N. secretary-general said Tuesday that developed economies should impose an extra tax on the profits of fossil fuel companies, with the funds diverted to countries affected by climate change and households struggling with the cost-of-living crisis.
In a wide-ranging address to the U.N. General Assembly in New York, Secretary-General António Guterres said the fossil fuel industry is “feasting on hundreds of billions of dollars in subsidies and windfall profits while households’ budgets shrink and our planet burns.”
Fossil fuel companies and their “enablers” need to be held to account, he said. “That includes the banks, private equity, asset managers and other financial institutions that continue to invest and underwrite carbon pollution.”
It also includes what he called “the massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny.”
Despite the remarks, Guterres appeared to acknowledge the reality that coal, oil and gas continue to play a crucial role in the modern world, in both developed and emerging economies.