Oil and gas companies making record profits during energy crisis is "immoral", says UN Chief 6 days ago

Oil and gas companies making record profits during energy crisis is "immoral", says UN Chief

He said this "grotesque greed" is punishing the poorest people on the planet, as well as the planet itself.

The United Nations Secretary-General has said it is "immoral" for oil and gas companies to be making record profits from the current energy crisis.

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Speaking at the launch of a UN report in New York on Wednesday (3 August), António Guterres added that such gains were made on "the back of the poorest people and communities and at a massive cost to the climate".

The UN Chief stated that the combined profits of the largest energy companies in the first quarter of this year are close to $100 billion.

He then urged all Governments to tax such "excessive profits" and to then use the funds to support the most vulnerable people "through these difficult times".

"And I urge people everywhere to send a clear message to the fossil fuel industry and their financiers that this grotesque greed is punishing the poorest and most vulnerable people while destroying our only common home - the planet," he said.

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Guterres added that every country is part of the energy crisis and that there is "no place for hypocrisy".

“Developing countries don’t lack reasons to invest in renewables. Many of them are living with the severe impacts of the climate crisis including storms, wildfires, floods and droughts," he said.

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"What they lack are concrete, workable options.

"Meanwhile, developed countries are urging them to invest in renewables without providing enough social, technical or financial support.

“Some of those same developed countries are introducing universal subsidies at gas stations, while others are reopening coal plants.

"It is difficult to justify such steps even on a temporary basis.”

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