UN Secretary General Calls for Tax on Fossil Fuel Companies

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Rich vitality corporations must be compelled to fork over some windfall income to help victims of climate change and offset rising gasoline and meals prices, the United Nations Secretary-Basic instructed world leaders Tuesday.

The fossil gasoline business, which is chargeable for a big share of planet-warming gases, is “feasting on a whole lot of billions of {dollars} in subsidies and windfall income whereas family budgets shrink and our planet burns,” stated Antonio Guterres in his opening remarks on the U.N. Basic Meeting in New York.

He urged richer international locations to tax the income of vitality corporations and redirect the funds to each “international locations struggling loss and injury brought on by the local weather disaster” and people combating the rising value of residing.

The concept has already gained traction in Europe, the place energy companies are having fun with extraordinary income because of provide shortages as a result of Russia-Ukraine warfare. The proposal seeks to lift about $140 billion to assist folks with the hovering value of vitality.

Learn extra: The Future Is Being Rewritten by Historic Green Investment—And Growing Climate Devastation

The Secretary-Basic’s feedback have been labeled as “misguided and counterproductive” by Frank Maisano, an vitality lobbyist.

He claimed many fossil gasoline corporations are “on the forefront of the clear vitality revolution and typically driving the innovation wanted to make an vitality transition.”

Scientists have warned that greenhouse fuel emissions and the world’s reliance on oil, fuel and coal must fall dramatically and quickly for the world to satisfy its local weather targets.

Guterres additionally known as for developed nations to pay for the loss and injury occurring in poorer nations, which do little to contribute to local weather change however endure the worst results. That features Pakistan, which remains to be reeling from devastating floods within the south final month brought on partly by warming temperatures.

Learn extra: Pakistan Flooding Raises Tough Questions About Who Should Pay For Catastrophic Climate Impacts

“Loss and injury are occurring now, hurting folks and economies now, and have to be addressed now,” he stated, including that 80% of the world’s greenhouse fuel emissions are produced by the 20 largest economies.

“This can be a basic query of local weather justice, worldwide solidarity and belief.”

Guterres, alongside a number of nation states extra severely impacted by local weather change, hope that “loss and injury” — because it’s identified in local weather negotiations — shall be prioritized on the upcoming U.N. local weather summit in Egypt in November, referred to as COP27.

Many smaller nations have been left disenchanted on the earlier summit final yr when richer international locations, equivalent to the US and in Europe, rejected calls for for loss and injury compensation.

Earlier this yr, COP27 President Sameh Shoukry hoped that discussions on loss and injury on the summit could be “ complete, however it’s non-adversarial.”

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