'Polluters must pay' UN chief urges tax on oil giants' profits to fund climate action

United Nations Secretary-General Antonio Guterres on Wednesday urged governments to tax the windfall profits of major oil companies and use the proceeds to support countries devastated by climate change, declaring that polluters must bear the financial responsibility for the damage caused by global warming.

Addressing world leaders at the COP31 climate summit in Antalya, Türkiye, Guterres warned that the world was failing to contain rising temperatures even as the consequences of climate change were becoming increasingly severe.

He said the international community must respond to its failure to keep global warming within the Paris Agreement's 1.5°C threshold by strengthening climate commitments rather than abandoning efforts to reduce emissions.

"Science is not telling us to surrender. It is telling us to fight harder," Guterres said at the opening of a two-day leaders' summit held alongside the UN climate negotiations.

The UN warned last month that the world could no longer prevent temperatures from temporarily exceeding the 1.5°C threshold, a key objective of the 2015 Paris Agreement.

Guterres maintained that governments still had the ability to determine how far temperatures would rise above that limit and how quickly they could be brought down.

"The truth is that we have the power to determine how high, how long and how devastating that overshoot will be," he said, adding that countries could still work towards making the breach temporary.

𝗧𝗮𝘅 𝗼𝗶𝗹 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀' 𝘄𝗶𝗻𝗱𝗳𝗮𝗹𝗹 𝗽𝗿𝗼𝗳𝗶𝘁𝘀

The UN chief highlighted the contrast between the enormous profits earned by major fossil fuel companies and the limited financial resources available to countries suffering the consequences of climate change.

He said nine major oil companies had earned approximately $95 billion in profits in the previous quarter, while the international Loss and Damage Fund had received only around $600 million.

According to Guterres, the fund's receipts were equivalent to roughly 14 hours of earnings by those companies.

He called on governments to impose taxes on extraordinary profits generated by the fossil fuel industry and direct the revenue towards climate recovery efforts in vulnerable countries.

"Polluters must pay," Guterres declared, drawing applause from delegates attending the summit.

The proposal comes amid growing demands from developing nations for greater financial assistance to address climate-related destruction, including extreme weather events, rising sea levels and damage to infrastructure and livelihoods.

𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗰𝗿𝗶𝘀𝗶𝘀 𝗶𝗻𝘁𝗲𝗻𝘀𝗶𝗳𝗶𝗲𝘀

Guterres warned that the consequences of global warming were already becoming increasingly visible across the world.

This year has witnessed deadly heatwaves and wildfires across Europe, along with a devastating glacier collapse in Nepal, highlighting the growing risks associated with rising temperatures.

The UN chief said continued dependence on fossil fuels was exposing economies to both environmental damage and volatile energy prices.

He called for accelerating the transition towards renewable energy, strengthening electricity grids, expanding energy storage and improving energy efficiency.

Guterres also proposed a new Climate Justice Compact built around a fair transition away from fossil fuels, protection for vulnerable communities, adequate climate financing and stronger international cooperation.

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗴𝗮𝗽 𝗱𝗼𝗺𝗶𝗻𝗮𝘁𝗲𝘀 𝗖𝗢𝗣𝟯𝟭

Climate financing remains one of the central issues at COP31, with developing countries arguing that existing international commitments are insufficient to address the scale of the crisis.

Guterres urged developed nations to lead efforts to mobilise at least $300 billion annually by 2035 and support the broader objective of raising $1.3 trillion a year for developing countries by that date.

He stressed that countries could not be expected to transform their economies without access to the financial resources and technologies necessary to make the transition.

The summit is taking place against a backdrop of geopolitical tensions, energy market disruptions and concerns that global climate commitments are falling behind scientific recommendations.

Thousands of delegates, diplomats and climate campaigners are participating in the two-week negotiations, which began on November 9 and will continue until November 20.

Guterres urged governments to translate their climate pledges into concrete policies, warning that further delays would increase the economic and human costs of global warming.

The UN chief's call for taxing fossil fuel profits has added momentum to discussions over who should finance the transition to cleaner energy and compensate countries bearing the greatest burden of climate change.