ANTALYA, Türkiye — United Nations Secretary-General António Guterres urged governments at COP31 to tax fossil-fuel windfall profits, saying the proceeds could help vulnerable countries recover as leaders consider a fair energy transition.
Speaking at the COP31 Leaders’ Summit on Nov. 11, Guterres said nine major oil companies had made $95 billion in profits in what he called “the last quarter.” He said the Loss and Damage Fund had received about $600 million. He urged governments to “tax these windfall profits” and direct the revenue toward vulnerable countries’ recovery.
Guterres proposed a Climate Justice Compact grounded in shared responsibility, shared security and shared benefits. It would pair a fair shift away from fossil fuels with protections for people, affordable financing and cooperation among countries.
He called for countries to draw up road maps for the transition and protect workers and communities affected by it. He also urged developed countries to provide financing that is adequate and affordable.
Guterres put the needed annual decline in global emissions at about 6%. He said current national plans, including conditional commitments, would achieve no more than one-third of that pace.
He described reliance on imported fossil fuels as an economic and security risk, saying countries that import them are home to three-quarters of humanity and can face price shocks beyond their control.
The 2023 COP28 global stocktake decision asked parties to help shift energy systems away from fossil fuels. It called for the transition to be just, orderly and equitable, with action accelerating during the current decade. COP31 is scheduled to run through Nov. 20 in Antalya.
