U.N. Secretary-General António Guterres is calling for a “windfall” tax on profits of fossil fuel companies to help fund the fight against global warming. He referred to these companies as the “godfathers of climate chaos” in his speech on World Environment Day. He highlighted the recent data showing last month was the hottest May ever recorded, with temperatures continuing to rise due to the burning of fossil fuels. The World Meteorological Organization predicts that the global temperature will increase by 1.1 to 1.9 degrees Celsius by 2028 if action is not taken urgently to curb emissions.
Guterres emphasized the economic, social, and environmental consequences of failing to address climate change, with potential losses amounting to trillions of dollars and millions of lives at risk. He warned that the Paris agreement target of limiting global warming to 1.5 degrees Celsius is on the verge of being breached if immediate action is not taken. The U.N. chief urged media and technology companies to stop accepting advertising from the fossil fuel industry and criticized government subsidies that keep fuel prices low, benefiting the industry while harming the environment.
Experts have warned that the Earth is likely to reach the 1.5 degrees Celsius limit in less than five years if current emissions continue. The impact of rising temperatures includes climate migration, higher food prices, and increased health risks associated with extreme weather events. Guterres called for a 9% annual reduction in carbon dioxide emissions to achieve the Paris climate accord’s goals, urging the Group of 20 countries to take the lead in this effort. He also called for innovative financing mechanisms, such as taxing windfall profits of fossil fuel companies and putting a price on carbon, to support the transition to renewable energy.
While some experts caution against using alarmist rhetoric that may alienate some individuals, Guterres is using his position to advocate for urgent action on climate change. He stressed the need for all countries to join the fight against global warming, including developing nations that need to address issues like deforestation and energy efficiency. Despite the recent achievement of fulfilling the $100 billion annual climate finance promise, experts warn that more funding is required to meet the financial needs of transitioning to a more sustainable energy system. Guterres’ call to action highlights the urgency of the climate crisis and the need for concerted global efforts to address it effectively.
