U.N. Secretary-General Urges Tax on Oil and Gas Profits to Combat Climate Change Amid Record Temperatures



U.N. Secretary-General Antonio Guterres has advocated for imposing a ‘windfall’ tax on the substantial profits of fossil fuel companies to aid in the battle against climate change. This recommendation comes in light of recent reports highlighting the unprecedented heat records, including last month being the hottest May on record, and the ongoing severe weather conditions impacting countries like India, Greece, and Mexico. The urgency of the situation is underscored by warnings that global temperatures could continue to rise, exacerbating the effects of climate change. The suggestion for a windfall tax is aimed at leveraging the fossil fuel industry’s profits towards mitigating the impacts of global warming and achieving the 1.5°C goal set under the Paris Agreement.

  • U.N. Secretary-General Antonio Guterres calls for a tax on fossil fuel companies’ profits to combat climate change.
  • Last month was recorded as the hottest May, marking 12 straight monthly high temperatures.
  • Extreme weather events, such as droughts in India, wildfires in Greece, and heatwaves in Mexico, are linked to climate change.
  • A new report from the UN predicts ongoing temperature rises, emphasizing the need for urgent action.
  • The goal of limiting global warming to 1.5°C, as per the Paris Agreement, is still achievable but requires immediate efforts.
  • The World Meteorological Organization reports an 80% chance of exceeding the 1.5°C temperature increase within the next five years.
  • The G20 summit in Brazil is set to discuss environmental concerns and energy transition next month.
  • Climate scientist Zeke Hausfather emphasizes the acceleration in global warming rates and the crucial need for reducing CO2 emissions.
  • There’s a debate among scientists about whether the rate of global warming is accelerating due to a decrease in planet-cooling aerosols.
  • Fossil fuel companies are unlikely to address the problem they’ve created without external intervention, such as a windfall tax.

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