United Nations secretary General António Guterres has called on richer nations to tax the windfall profits of fossil fuel companies.
Speaking at the UN General Assembly in New York, he said that those funds should be redirected to “countries suffering loss and damage caused by the climate crisis” and those struggling with the rising cost of living.
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Reports show that UK Prime Minister Liz Truss has decided against extending the UK’s windfall tax for North Sea oil-and-gas companies.
According to reports, this issue has long been a feature of international climate negotiations and “arguments over this question are likely to dominate discussions at the forthcoming COP27 summit in Egypt”.
Amin Nasser, the chief executive of the world’s largest oil company, Saudi Aramco, does not agree that there should be additional taxes on fossil fuel companies.
In Australia, newsmen reported that the state of New South Wales could erase its budget deficit twice over by taxing resources companies based on windfall profits from coal exports, which have doubled in price over the past year.