New York, 10 August 2022 (TDI): On behalf of the Global Crisis Response Group on Food, Energy, and Finance, United Nations reported on the devastating results of the Russia-Ukraine War and the Post-pandemic impacts on the global economy.
Rising inflation has caused turmoil in developed and underdeveloped states during and in post-pandemic times.
The rapid supply network and energy industry shocks that preceded Russia’s invasion of Ukraine are primarily to blame for the escalating costs, which have now hit 40-year highs and have caused lasting consequences.
The United Nations Secretary General stated, “It is immoral for oil & gas companies to be making record profits from this energy crisis on the backs of the poorest people & communities and at a massive cost to the climate.”
“It is immoral for oil & gas companies to be making record profits from this energy crisis on the backs of the poorest people & communities, and at a massive cost to the climate.”
— @antonioguterres. https://t.co/bzxoWXfPHD pic.twitter.com/SkQr9hEAQn
— United Nations (@UN) August 10, 2022
As revealed by the statistics, ExxonMobil increased sales by $2 to reach $17.85 billion. Shell exceeded its prior quarter’s record of $11.5 billion.
Chevron made $11.62 billion in revenue. According to recent research, the petroleum industry has generated profits of $2.8 billion over the past 50 years.
These untold earnings were made possible by fossil fuel companies’ effective advocacy of G20 countries to add $151 billion in Covid-19 reparation programs to their revenues.
Additionally, they invest around $200 million annually in efforts to impede, restrict, or reject activities related to climate change.
Call for Energy Protection
UN Secretary-General António Guterres requested and urged the governments to tax the companies’ excessive profits and use the funds to support the most vulnerable people through these difficult times.
Secretary General also mentioned for the people worldwide to make it abundantly obvious to the petroleum business and its investors that this “grotesque greed” is hurting the most fragile and impoverished members of society while ravaging the Earth, our first ever shared home. And the “Grotesque Greed” also took a height on social media.
The UN Global Crisis Response Group (GCRG) emphasized that authorities must develop the most effective means of financing sustainable energy initiatives to protect the citizenry’s most sensitive groups.
The GCRG promotes a switch to renewable energy sources and calls for implementing bonus taxes on the biggest oil and gas firms.
Moreover, states require financial room to promote the energy protection of the most susceptible communities and prevent rising energy poverty levels and people losing all access to electricity.
The worldwide organization concluded that using renewable energy sources will foreseeably lessen states’ and individuals’ vulnerability to the price fluctuations of coal, gas, and oil.
