Speaking in New York on Wednesday, Guterres said the “crazy greed” of fossil fuel companies and their financial backers had driven the combined profits of the biggest energy companies in the first quarter of this year to nearly $100bn (£82bn ). “It is unethical for oil and gas companies to make record profits from this energy crisis on the backs of the poorest people and communities, at a huge cost to the climate,” he said. “I urge all governments to tax these excess profits and use the funds to support the most vulnerable people in these difficult times.” Earlier this week, BP was the latest fossil fuel giant to announce huge profits, revealing it had tripled profits to almost £7bn in the second quarter of the year amid high oil prices during Russia’s invasion of Ukraine. Guterres said such gains were unacceptable as people around the world faced economic ruin. “Household budgets everywhere are feeling the pressure from high food, transport and energy prices, fueled by climate collapse and war. “This threatens a hunger crisis for the poorest households and severe cuts for those on average incomes.” He said that alongside a windfall tax on excess profits, governments must do more to manage energy demand and accelerate the transition to renewables that are cheaper than oil and gas. It called on developing countries to offer more “social, technical or financial support” to help developing countries transition to renewable energy. “Developing countries have no reason to invest in renewable energy sources. Many of them are living with the severe effects of the climate crisis, such as storms, fires, floods and droughts. What they lack are concrete, actionable options.” He added: “Some of these same developed countries are introducing universal petrol station subsidies, while others are reopening coal plants. It is difficult to justify such steps even on a temporary basis.”
