Fuel Firms Should Pay For Climate Harm, Says UN

Rich energy companies should be forced to pay some profits to aid victims of climate change and offset rising fuel and food costs, the U.N. Secretary-General told world leaders on Tuesday.

Antonio Guterres in his opening remarks at the U.N. General Assembly in New York said; “The fossil fuel industry, which is responsible for a large share of planet-warming gases, is feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns.”

He urged richer countries to tax the profits of energy companies and redirect the funds to both countries suffering loss and damage caused by the climate crisis and those struggling with the rising cost of living.

“It is high time to put fossil fuel producers, investors and enablers on notice. Polluters must pay,” Guterres said, chastising them for massive public relations campaigns.

Guterres also called for developed nations to pay for the loss and damage happening in poorer nations, which do little to contribute to climate change but suffer the worst effects.

That includes Pakistan, which is still reeling from devastating floods in the south last month caused in part by warming temperatures.