The industry is “feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns”, Antonio Guterres told world leaders in New York.
Money raised should be used to help people struggling with rising food and energy bills, as well as to compensate countries suffering the most severe effects of climate change, the secretary-general told the United Nations General Assembly, which is expected to be dominated by discussions of Russia’s invasion of Ukraine.
In spite of demanding “polluters must pay”, Mr Guterres cannot mandate action from developed countries, many of which are grappling with extreme weather, high food and energy prices, and the Ukraine war.
But Antony Froggatt, from international affairs, think tank Chatham House, said the statement “is an important signal” and highlights the “unequal nature of the current crisis, with some countries, companies, and citizens benefiting hugely”.
But Mr Guterres has previously urged an end to funding for more oil and gas exploration and production, “which has not stopped these taking place”, Mr Froggatt added.
The European Union plans to raise about €140bn (£121bn) by imposing windfall taxes on energy companies’ “abnormally high profits”, a move that could put pressure on Prime Minister Liz Truss