NEW YORK: Developed economies should tax windfall profits of fossil fuel companies and redirect the revenues to climate crisis-affected countries as well as communities suffering from the cost-of-living crisis.
United Nations secretary-general Antonio Guterres said this in his wide-ranging address at Tuesday's opening of the General Debate of the 77th United Nations General Assembly.
Guterres began his speech with a scathing criticism of the lack of cooperation between world leaders at a time of "big dramatic challenges" threatening humanity's future and the fate of the planet.
He stressed the need for collective action now and that "polluters must pay", mainly G20 countries that are responsible for 80 per cent of all greenhouse gas (GHG) emissions and the oil and gas industry.
"We are in rough seas. A winter of global discontent is on the horizon. A cost-of-living crisis is raging. Trust is crumbling. Inequalities are exploding. Our planet is burning. People are hurting – with the most vulnerable suffering the most.
"We have a duty to act. And yet we are gridlocked in colossal global dysfunction."
As urgent issues to address, Guterres pointed to the war in Ukraine, the multiplying conflicts around the world, the climate emergency, biodiversity loss, the dire financial situation of developing nations, and the questionable fate of the 17 Sustainable Development Goals.
Calling the climate crisis "the defining issue of our time", he said it should be the "first priority" of every government and multilateral organisation.
"Yet climate action is being put on the back burner – despite overwhelming public support around the world," he said.
He took a swipe at the fossil fuel industry calling it out for "feasting on hundreds of billions of dollars in subsidies and windfall profits while households' budgets shrink and our planet burns."
Guterres also drew attention to the "massive public relations machine" raking in billions to shield the fossil fuel industry from scrutiny - just as they shielded the tobacco industry decades ago with lobbyists and spin doctors to spew harmful misinformation.
"Our world is addicted to fossil fuels. It's time for an intervention. We need to hold fossil fuel companies and their enablers to account. That includes the banks, private equity, asset managers and other financial institutions that continue to invest and underwrite carbon pollution.
"Fossil fuel interests need to spend less time averting a PR disaster – and more time averting a planetary one. It is high time to put fossil fuel producers, investors and enablers on notice.
"Polluters must pay."
As world leaders will be heading to the 2022 United Nations Climate Change Conference in Egypt in November, Guterres appealed for nations to realise the goals of the Paris Agreement.
"Lift your climate ambition. Listen to your people's calls for change. Invest in solutions that lead to sustainable economic growth."
The world needs to reduce GHG emissions by 45 per cent by 2030 to reach net zero by 2050. But emissions are at record levels - on course to increase by 14 per cent this decade, he said.
Countries, he said should invest in renewable energy, which generates three times as many jobs and is cheaper than fossil fuels.
"Developing countries need help to make this shift, including through international coalitions to support just energy transitions in key emerging economies."
In addition, he said investment in climate adaptation should make up half of all climate finance and wealthy nations should help mitigate loss and damage from disasters in the global south.
Guterres also warned against new technologies, describing them as "a forest of red flags".
Social media platforms based on a business model that "monetises outrage, anger and negativity" are causing untold damage to communities and societies, he said, adding that hate speech, misinformation and abuse – targeted especially at women and vulnerable groups – are proliferating.
"Our data is being bought and sold to influence our behaviour – while spyware and surveillance are out of control – all, with no regard for privacy. Artificial intelligence is compromising the integrity of information systems, the media, and indeed democracy itself.
"Quantum computing could destroy cybersecurity and increase the risk of malfunctions to complex systems. We don't have the beginnings of a global architecture to deal with any of this (due to geopolitical tensions)."
"Our world is in peril – and paralysed," notinf that geopolitical divides are "undermining the work of the Security Council, undermining international law, undermining trust and people's faith in democratic institutions, and undermining all forms of international cooperation. We cannot go on like this.
"No power or group alone can call the shots. No major global challenge can be solved by a coalition of the willing. We need a coalition of the world," Guterres added.
NST specialist writer Tharanya Arumugam is a 2022 fellow of the United Nations Reham Al-Farra Memorial Journalism Fellowship.