Amid soaring energy prices, UN Sec-Gen urges transition to renewables

As the war in Ukraine continues to rage, skyrocketing energy prices are compounding an existential cost-of-living crisis for hundreds of millions of people, warned the UN Secretary-General’s Global Crisis Response Group (GCRG) on Food, Energy and Finance.

Despite this alarming situation, major oil and gas companies recently reported record profits, which Secretary-General AntAnio Guterres, who launched the brief on Wednesday, called “immoral”.

“The combined profits of the largest energy companies in the first quarter of this year are close to $100 billion. I urge governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times,” he said.