U.N. chief urges windfall taxes on energy profits to fund climate action

U.N. Secretary-General António Guterres called energy sector profits inflated by global conflicts "morally unjustifiable" and urged governments to impose windfall taxes on oil and gas companies to fund climate measures. Speaking at the COP31 climate summit in Antalya, Turkey, Guterres noted nine major producers reported $95 billion in collective quarterly profits, far exceeding climate disaster funding. He said taxing windfall profits is a political decision, not a technical problem, and proceeds should aid those suffering from climate impacts. European nations have already imposed or studied such levies following the Ukraine and Iran conflicts, and the EU is analyzing potential effects. Guterres also highlighted that the Loss and Damage Fund stands at only $600 million, calling it inadequate, while warning that artificial intelligence poses an "existential threat" needing multilateral oversight.