UN 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 firms, 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, Antonio Guterres described the fossil fuel industry as “feasting on hundreds of billions of dollars in subsidies and windfall profits while households’ budgets shrink and our planet burns.”
- Fossil fuel firms and their “enablers” needed to be held to account, he went on to state. “That includes the banks, private equity, asset managers and other financial institutions that continue to invest and underwrite carbon pollution.”