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UN Chief moots tax on undue profits being made by oil companies to fund development activities

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  • The UN chief  implored the governments to tax these excessive profits and use the funds to support the most vulnerable people

The UN Secretary-General Antonio Guterres highlighted the grotesque greed by energy companies by inflating energy bills, while maintaining  that  the  energy bills have gone  through the roof.  Speaking at New York at a scheduled meeting, the UN chief urged the governments to address the effects of a threefold crisis of access to food, energy and finance, which is crushing the most vulnerable people. The crisis was fuelled by the war in Ukraine.

While lashing at the oil companies, the UN Chief observed that It was immoral for oil and gas companies to be making record profits from this energy crisis at the cost of the poorest people and communities.  The combined profits of the largest energy companies in the first quarter of this year crossed  US $100 billion. He implored the governments to tax these excessive profits and use the funds to support the most vulnerable people.

Read also:

 https://trendsnafrica.com/french-economy-minister-in-egypt-to-discuss-fallout-of-russia-ukraine-war/

https://trendsnafrica.com/imf-to-lend-to-egypt-to-insulate-impact-of-russia-ukraine-war/

https://trendsnafrica.com/sudan-to-face-food-grain-shortage-due-to-russia-ukraine-war/

As reported by www.trendsnafrica.com earlier, Shell’s second-quarter adjusted earnings rose to US$11.47 billion when BP profited highest in 14 years with  profits hitting US$8.45bn for second-quarter of 2022. The UN chief also said that household sector  everywhere is feeling the pinch from high food, transport and energy prices, fueled by climate breakdown and war.

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