According to UN Secretary-General Antonio Guterres, it is “immoral” for oil and gas companies to be generating “excessive” profits from the energy crisis brought on by the conflict in Ukraine. In a UN study he released on the effects of Russia’s invasion of Ukraine, Guterres urged states to tax the corporations’ profits. Mr Morale and the Big Steppers by Kendrick Lamar: 5 Things to Remember (1)
“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities and at a massive cost to the climate,” the UN chief told reporters. “I urge all governments to tax these excessive profits and use the funds to support the most vulnerable people through these difficult times,” Guterres said.
“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.
According to Guterres, the top energy firms’ combined profits for the first quarter of the year were close to $100 billion. BP, ExxonMobil, Chevron, and Shell all reported tremendous profits in the second quarter as a result of the increase in oil and gas prices.