UN Secretary-General slams oil companies for ‘grotesque greed’.

The United Nations Secretary-General, António Guterres, criticized oil companies on Wednesday for “grotesque greed” and excessive profit from fuel price increases during the Ukraine war. He called on countries to tax those profits and distribute the proceeds to the poor.

Guterres said the total profit of the largest energy companies in the first quarter of this year was about $100 billion. He said every country has a role to play in the energy crisis and can be part of the solution, adding that “there is no room for hypocrisy”.

“It is immoral that oil and gas companies are making record profits from this energy crisis on the backs of citizens and communities,” Guterres told reporters at the United Nations headquarters in New York. poorest communities and pay a huge price for the climate.

Testifying before Congress in April, Oil executives from six major companies said it does not engage in price gouging and is merely reacting to global commodity prices that are beyond its control.

The UN has warned that the war in Ukraine has had far-reaching effects beyond its borders dish, energy and financial markets. Fuel and food prices have increased worldwide. Too much water struggling with inflation, higher interest rates and growing debt.

Mr. Guterres said that the global energy crisis caused by war can lead to many political, social and economic upheavals, especially in developing countries.

The United Nations has established a Global Crisis Response Team this year to recommend solutions to intertwined crises. The group has released two previous reports, on food and finance, and on Wednesday it released a third, focusing on energy.

The report makes three recommendations: tax the profits of energy companies and distribute the proceeds to vulnerable populations; manage energy demand by saving energy and promoting public transport; and accelerate the global transition to renewable energy.

“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. while destroying our only common home,” Guterres said.

The price of food, crude oil and shipping has improved somewhat since early June, when the United Nations released its final economic report, said Rebeca Grynspan, UN director of trade and development. war-induced recession, but natural gas prices rose.

But she warned that as winter approaches in the Northern Hemisphere, energy demand will increase and pressure on consumers and national governments will increase. The report outlines possible options for countries, she said, and shows that it’s time to act on those options, for long-term and short-term relief.

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