Oil company profiteering is 'immoral', says UN chief

The profit of oil companies is “immoral”, says UN chief

Antonio Guterres estimates the profits made in the first quarter of 2022 by the hydrocarbon giants at nearly $100 billion.

The UN Secretary General Antonio Guterres on Wednesday denounced the “greed” of big oil and gas companies, which are making “scandalous” profits on “the backs of the poorest” thanks to the crisis caused by the war in Ukraine, and called on governments to tax them.

The truth is that we are seeing these excessive and outrageous profits from oil and gas companies at a time when we are all losing money, Antonio Guterres told a press conference at the #x27;on the occasion of the publication of the third UN report on the global consequences of Russia's invasion of Ukraine.

“It is immoral that oil and gas companies are making record profits out of this energy crisis, on the backs of the poorest people and communities, at a massive cost to the climate.

— Antonio Guterres, UN Secretary General

I call on all governments to tax these excessive profits and use these funds to support the most vulnerable in these difficult times, he added, betting that such a decision would undoubtedly be popular.

He estimated the profits made in the first quarter of 2022 by the hydrocarbon giants at nearly $100 billion. With the rise in oil and gas prices, BP, ExxonMobile, Chevron, Shell and TotalEnergies also announced huge profits in the second quarter.

This ridiculous greed punishes the poorest and most vulnerable while destroying our only common home: the planet, insisted Antonio Guterres.

Since the previous assessment in June, the impacts of purchasing power crisis are being felt more deeply and more broadly around the world, the report points out.

It recalls in particular that by the end of 2022, 345 million people could find themselves in a situation of food insecurity in 82 countries, or 47 million more because of this war.

Many developing countries are drowning in debt without access to finance, struggling to recover from the COVID-19 pandemic and could tip over the edge, the UN secretary-general warned, noting signs harbingers of a wave of economic, social and political revolts that could spare no country.

In this context, the report, which looks specifically on the major energy crisis, calls on governments to define the most vulnerable populations and enable them to have access to affordable energy.

To face this crisis without challenge commitments to limit global warming, it calls in particular on governments to take action to reduce energy demand, for example reducing heating and air conditioning, reducing air transport, renovating buildings, etc., while accelerating the e development of renewable energies.

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