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UN chief urges governments to levy unethical taxation and excessive profits from oil and gas – Global issues

  • Idea by Guterres (United Nation)
  • Associated Press Service

This war is pointless, and we must all do everything in our power to end it through a negotiated solution consistent with the Charter of the United Nations and international law. We are doing all we can to alleviate suffering and save lives in Ukraine and the region, through our humanitarian activities. And Martin Griffiths will be able to introduce you to those developments soon. But the war is also having a huge and multidimensional impact that extends far beyond Ukraine, through a triple crisis of access to food, energy and finance. Household budgets everywhere are feeling the pinch due to high food, transport and energy prices, fueled by climate degradation and war. This threatens a hunger crisis for the poorest households and severe cuts for middle-income earners. Many developing countries are drowning in debt, have no access to finance and are struggling to recover from the COVID-19 pandemic and may be on the verge of collapse. We have already seen warning signs of a wave of economic, social and political upheaval that will leave no country affected. That’s why I founded the Global Crisis Response Team: to find coordinated global solutions to this triple crisis, recognizing its three elements – food, energy and resources. main – closely related to each other. The GCRG presented detailed food and financial recommendations. I believe we are making some progress, specifically on food. Today’s report looks at the energy crisis, with a range of recommendations. Simply put, it aims to achieve energy levels comparable to the Black Sea Particle Initiative, by managing this energy crisis while protecting the Paris Agreement and their climate goals. ta. I would like to highlight four of the report’s recommendations. First, it is unethical for oil and gas companies to earn record profits from this energy crisis on the backs of the poorest people and communities and pay a hefty price for the climate. The total profit of the largest energy companies in the first quarter of this year was nearly $100 billion. I urge all governments to tax these excessive profits and use the funds to support the most vulnerable through these difficult times. 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. while destroying our only common home, the planet. Second, all countries – and especially developed countries – must manage their energy needs. Saving energy, promoting public transport and nature-based solutions are essential ingredients of that. Third, we need to accelerate the transition to renewable energy, which in most cases is cheaper than fossil fuels. Earlier this year, I outlined a five-point plan to spark the renewable energy revolution. Storage technology including batteries should become a public good. Governments must scale and diversify supply chains for raw materials and renewable energy technologies. They should remove the red tape around the energy transition and shift fossil fuel subsidies to support vulnerable households and increase investment in renewable energy. Governments must support the most affected people, communities and sectors, with social protection programmes, alternative jobs and livelihoods. Fourth, private and multilateral financing for the green energy transition must be expanded. According to the International Energy Agency, investments in renewable energy need to grow by a factor of seven to reach the net zero target. Multilateral development banks need to take on more risk, helping developers countries establish the appropriate regulatory framework and modernize their power grids, and mobilize private financing on a large scale. I urge the shareholders in those banks to exercise their rights and ensure that they are fit for purpose. Today’s report expands on these ideas, and Rebeca Grynspan will detail them in a moment. ? Every country is part of this energy crisis, and all countries are paying attention to what other countries are doing. There is no room for hypocrisy. Developing countries have no shortage of reasons to invest in renewable energy. Many of them are living with the severe effects of the climate crisis, including hurricanes, wildfires, floods and droughts. What they lack are specific, viable options. Meanwhile, developed countries are urging them to invest in renewable energy without providing enough social, technical or financial support. And some of the same developed countries are introducing universal subsidies at gas stations, while others are reopening coal plants. It is difficult to justify such steps even on a temporary basis. ? If they are to be pursued, such policies must have tight deadlines and targets, in order to ease the burden on the energy poor and the most vulnerable, in the fastest possible transition to recycled energy.

Note: Launching the third summary of the Global Crisis Response Team on Food, Energy and Finance, United Nations Secretary-General Antonio Guterres thanks the GCRG Task Group, led by Rebeca Grynspan, and the Energy Workflow coordination, made this report possible.

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