Home » Guterres Accuses Big Oil of Profiting From Climate Crisis

Guterres Accuses Big Oil of Profiting From Climate Crisis

Outgoing United Nations Secretary-General Antonio Guterres has accused major global oil companies of contributing to the climate crisis while profiting from fossil fuel consumption.

Speaking at a high-level UN meeting on Tuesday, Guterres said the fossil fuel industry had treated the atmosphere as an “open sewer” and benefited financially from the resulting environmental damage.

“We know that fossil fuel interests won’t step aside on their own. For decades, Big Oil has treated the atmosphere as an open sewer — and cashed in on the consequences,” he said.

Guterres said five major Western oil companies had earned nearly $500 billion in profits since Russia’s invasion of Ukraine, compared with about $34 billion mobilised to help developing countries adapt to climate change.

“Meanwhile, everyday people are paying more for energy, food and insurance,” he said, comparing what he described as the fossil fuel industry’s “abuse of power” with the conduct of the tobacco industry.

He called on major polluters and beneficiaries of fossil fuel production to contribute more towards addressing climate-related damage.

“Those who polluted the most — and profited the most — must do far more to repair the damage they caused,” he said.

Guterres’ remarks came after record-breaking temperatures across parts of the Northern Hemisphere during the summer and devastating flooding in Nepal linked to glacial collapse.

The UN has also warned that global temperatures are expected to temporarily exceed the Paris Agreement’s target of limiting warming to 1.5°C above pre-industrial levels.

“The dangers are real, but so is the hope,” Guterres said, pointing to the rapid expansion of solar and wind power, which he said had become the cheapest source of energy in most parts of the world.

Climate change has been a major focus of Guterres’ tenure as UN chief. He is scheduled to host a climate summit on Wednesday ahead of the COP31 climate talks in Antalya, Türkiye, in November.

The summit is expected to draw attention to the climate commitments of co-hosts Türkiye and Australia, both of which remain significantly dependent on fossil fuels.

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