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UN chief slams ‘immoral’ profiteering amid global energy crisis |



Secretary General António Guterres It is “immoral” that major oil companies are reporting “record profits”, while prices are soaring.

“The combined profits of the largest energy companies in the first quarter of this year were close to $100 billion,” he said, calling on governments to “tax these excessive profits and use the money raised goes to support the most vulnerable people through these difficult times”.

Sponsor green energy

Summary from GCRG – established by the head of the United Nations after Russia’s invasion of Ukraine – recommends that governments find effective funding for energy solutions, such as publicly funded cash transfers and reduction policies prices to protect vulnerable communities, including wind taxes on the largest oil and gas companies, while advocating a transition to more cost-effective renewable energy.

However, the report notes that rising energy costs could cost developing countries, especially the most vulnerable, out of energy markets.

Since COVID-19 During the pandemic, countries already bearing the brunt of the cost-of-living crisis, continue to have great difficulty in accessing affordable energy.

Missing ‘viable options’

More worrisome is a potential “squad for fuel,” under which only rich countries will have access to energy as prices continue to escalate, the GCRG summary report warns.

Governments need financial space to support their most vulnerable populations to avoid exacerbating energy poverty or losing access to energy altogether.

“Developing countries have no shortage of reasons to invest in renewable energy. Many of them are living with the severe impacts of the climate crisis including hurricanes, floods and droughts,” said Guterres.

“What they lack are concrete, viable options.”

Switch to renewable energy

Summary comes after the milestone Black Sea Grains Initiative an agreement between the United Nations, Russia, Türkiye and Ukraine, allowing commercial shipments of grain to world markets, from Ukraine’s Black Sea ports.

And it is clear that the war in Ukraine, and the global energy crisis it has caused, is a stark reminder that energy resilience is needed and a stronger push for the energy transition is needed. renewable quantity.

However, like mentioned by the Secretary-Generalpolicies must be in place and available including social protection measures for people affected by the transition and materials to support renewable energy.

The summary emphasizes that short-term policies and safeguards are used to mitigate the crisis, while in the medium and long term, renewable energy needs to be advocated to achieve net zero targets. , address energy poverty, and promote and diversify global energy. mix.

But this requires a significant increase in global investment.

We have to scale finance and transfer technology Rebeca Grynspan, Secretary General of United Nations Conference on Trade and Development (UNCTAD) and GCRG brief coordinator.

Lots of opportunities

The summary highlights that by 2030, an ambitious renewable energy transition could create an additional 85 million jobs in renewable energy and other energy transition-related sectors. .

And renewable energy generation is often the lowest cost option, with the shortest installation time thanks to current technological developments, while providing countries with energy security, while simultaneously providing energy savings. reducing the impact of fossil fuel prices in the future.

Renewable energy is often the cheapest source of electricity and the fastest to deploy for many countries,” said Ms. Grynspan.

“But this is only true if we make sure that the supply chain works well and is not congested; that the workforce has the right skills and will have sufficient capital for the initial investments”.

Click here to view the entire meeting.



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