The UN chief accused energy giants of “feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns.”
Guterres’ comments, at the UN General Assembly in New York, come on the heels of a European Union proposal to introduce a windfall tax on oil, gas and coal companies, many of which have reported record-high profits as Russia’s war in Ukraine and an energy crunch send prices soaring.
The European Commission is proposing that EU states take a 33% share of the companies’ surplus profits. The United Kingdom introduced a 25% windfall tax earlier this year to provide relief for people struggling with their energy bills but newly installed Prime Minister Liz Truss has said she won’t extend it to pay for a much bigger program of subsidies this winter and next. US President Joe Biden’s administration mulled the idea in the summer but it gained little momentum.
“Today, I am calling on all developed economies to tax the…
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