Guterres proposes tax on windfall profits of fossil fuel companies

UN Secretary-General António Guterres is proposing a tax on windfall profits made by fossil fuel companies to fund assistance for countries most exposed to global warming. He advocated the idea in an interview with the Associated Press, released two days before the opening of COP31, the UN's annual climate conference.

Revenue from the tax would go to countries hit by droughts, floods and other climate disasters, many of which have contributed little to the emissions responsible for global warming, according to António Guterres. The 31st United Nations climate conference will take place from 9 to 20 November 2026 in Antalya, Turkey, and Australia will lead the negotiations, according to the official timetable of the United Nations Framework Convention on Climate Change.

The UN chief says scientists told him in 2025 that keeping global warming to 1.5°C above pre-industrial levels could no longer be presented as achievable under current conditions. He is now advocating limiting any overshoot of that threshold as much as possible. He points to the global expansion of solar and wind power, which in many cases have become cheaper than fossil fuels, and says dependence on oil and gas exposes countries to energy security risks during international conflicts. COP31 will be the last major climate conference of his term: António Guterres will leave office at the end of December 2026, after two five-year terms.

The proposal comes as COP31 opens in Turkey with the phase-out of fossil fuels on the agenda, while African countries are calling for adaptation funding to be tripled from current levels, an issue they have been raising for several weeks ahead of the Antalya summit.