U.N. Secretary-General António Guterres urged a tax on oil companies’ windfall profits to fund climate recovery in vulnerable countries, elevating who pays for climate damage at COP31.
At the leaders’ summit Wednesday, Nov. 11, Guterres put profits at $95 billion for the nine largest oil companies in a period he called “the last quarter.” His remarks did not specify which quarter. He said the Fund for Responding to Loss and Damage had received about $600 million and called for governments to direct tax proceeds to vulnerable countries. “Polluters must pay,” he said.
The fund’s official funding records say it was established at COP27 and made operational at COP28 to help developing countries respond to climate-related loss and damage. In proposing a Climate Justice Compact, Guterres called for a just transition away from fossil fuels, protections for workers and communities, stronger adaptation and accessible climate finance.
Guterres said some developing countries face hurdles because processes for accessing climate funds can be too demanding or bureaucratic. He also argued that dependence on fossil fuels leaves countries exposed to price shocks and instability, and said fossil-fuel lobbying delays policy and accountability.
At a press conference Friday, Nov. 13, Guterres said global emissions need to decline about 6% each year over the next few years. He said current national climate plans point to warming above 2.5°C by the end of the century. Even tripling adaptation finance, he said, would cover less than 30% of estimated needs.
Guterres’ term ends Dec. 31, 2026. COP32 is scheduled for Addis Ababa, Ethiopia, from Nov. 8 to Nov. 19, 2027.
