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Ukraine battle: UN chief Guterres slams oil and gasoline corporations’ ‘grotesque greed’

Antonio GuterresReuters

UN Secretary General Antonio Guterres has known as for oil and gasoline firms to face particular taxes.

His feedback come as surging power costs sparked by the battle in Ukraine push trade earnings to new highs.

Mr Guterres mentioned it was “immoral” for corporations to be cashing in on the disaster.

Russia’s invasion of Ukraine in February has worsened a worldwide scarcity of oil and gasoline, disrupting entry to grease and gasoline from Russia – a serious provider – and driving costs greater.

While households are grappling with greater power payments, firms are reaping the advantages.

Together, 4 of the largest power corporations – Exxon, Chevron, Shell and TotalEnergies – earned nearly $51bn in the newest quarter – almost double what they made in the identical interval final yr.

“This grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home,” Mr Guterres mentioned.

“I urge all governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times,” he mentioned.

Last month, the UK authorised a 25% ‘windfall tax’ on power corporations, a one-off levy the federal government says will increase some £25bn to assist offset family power payments, which have spiked.

Some different international locations, comparable to Italy, have imposed related measures.

But French lawmakers not too long ago rejected such a move, and there’s little political momentum within the US, regardless of a windfall tax proposal from some members of Congress.

Mr Guterres warned that prime power costs would have huge ranging penalties, as households and governments all over the world buckle beneath the stress.

“Many developing countries – drowning in debt, without access to finance, and struggling to recover from the COVID-19 pandemic – could go over the brink,” he mentioned. “We are already seeing the warning signs of a wave of economic, social and political upheaval that would leave no country untouched.”

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