The UN Secretary-General has urged governments to tax excessive profits of oil and gas companies.

A few days ago, Shell announced record profits of $11.5 billion (£9.4 bn) – the announcement was followed by the publication of the second quarter financial results of bp showing that the company’s profits hit $8.45 billion (£6.9bn), more than triple the amount it made in the same period last year.

António Guterres said: “It is immoral for oil and gas companies to be making record profits from the current energy crisis on the back of the poorest, at a massive cost to the climate.

“I urge all governments to tax these excessive profits and use the funds to support the most vulnerable people.”