UN chief calls for tax on excessive profits of oil and gas giants

Making record profits on the back of the poorest is immoral, António Guterres has said

Big Zero Report 2022

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.”

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast