Latest News

Polluters must pay, says UN chief, urges taxes to help climate victims

0

Polluters must pay, says UN chief, urges taxes to help climate victims By Reuters

Breaking News

‘;

Economy 5 minutes ago (Sep 20, 2022 17:02)

© Reuters. United Nations Secretary-General Antonio Guterres addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 20, 2022. REUTERS/Amr Alfiky

By Michelle Nichols

UNITED NATIONS (Reuters) -U.N. chief Antonio Guterres on Tuesday urged rich countries to tax windfall profits of fossil fuel companies and use that money to help countries harmed by the climate crisis and people who are struggling with rising food and energy prices.

Addressing world leaders at the 193-member U.N. General Assembly, the climate activist secretary-general stepped up his attacks on oil and gas companies, which have seen their profits explode by tens of billions of dollars this year.

“The fossil fuel industry is feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns,” he said.

“Polluters must pay,” he added.

While Guterres again pushed developed countries to tax the fossil fuel windfall profits, this time he also used his platform to spell out where the money should be spent.

“Those funds should be redirected in two ways: to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices,” he told the annual gathering of world leaders in New York.

Britain has passed a 25% windfall tax on oil and gas producers in the North Sea, while the European Union plans to raise more than 140 billion euros to shield consumers from soaring energy prices by taxing windfall profits from oil companies and electric generators. U.S. Democratic lawmakers have discussed a similar idea, though it faces long odds in a divided Congress.

While these plans focus on redirecting windfall profits to domestic consumers, the secretary general advocated for a tax that would be directed to the world’s most climate vulnerable countries, which have been embracing the idea.

He also said multilateral development banks “must step up and deliver” and that helping poor countries adapt to worsening climate shocks “must make up half of all climate finance.”

Guterres added: “Major economies are their shareholders and must make it happen.”

The secretary general also broadened his criticism of oil and gas companies to enabling industries that he said helps keep carbon pollution growing, such as banks and other financial institutions that invest in those companies and the public relations and advertising industries.

“Just as they did for the tobacco industry decades before, lobbyists and spin doctors have spewed harmful misinformation,” Guterres said. “Fossil fuel interests need to spend less time averting a PR disaster – and more time averting a planetary one.”

Polluters must pay, says UN chief, urges taxes to help climate victims

Stocks fall, yields rise as investors focus on Fed, other central bank meetingsBy Reuters – Sep 20, 2022

By Caroline Valetkevitch NEW YORK (Reuters) – Global stocks were down sharply on Tuesday while the yield on two-year U.S. Treasury notes rose to almost a 15-year high as investors…

France boosts cycling infrastructure, targets rural areasBy Reuters – Sep 20, 2022

By Geert De Clercq PARIS (Reuters) – The French government said on Tuesday it would boost state support for cycling in 2023, hoping to promote the use of bicycles for transport in…

UK lawmakers insist forecasts should accompany mini-budgetBy Reuters – Sep 20, 2022

LONDON (Reuters) -Britain’s new finance minister Kwasi Kwarteng should publish economic and fiscal forecasts from the independent budget watchdog if he announces tax changes in…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Exclusive-Ukraine calls for bespoke IMF and World Bank programmes

Previous article

France boosts cycling infrastructure, targets rural areas

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News