Guterres Calls on Fossil Fuel Companies to Pay for Climate Damage

Addis Ababa, November 11, 2026 (ENA)— UN Secretary-General António Guterres has called on governments to tax windfall profits of major fossil fuel companies and channel the proceeds into climate recovery efforts. 

According to Secretary General, polluters must pay for the environmental damage they cause.

Speaking at the UN Climate Change Conference (COP31) in Antalya, Türkiye, Guterres underscored the urgent need for adequate, affordable, and accessible climate finance to help vulnerable developing countries cope with the escalating impacts of climate change.

He further highlighted the stark imbalance between the enormous profits generated by major oil companies and the limited financial resources available to countries bearing the brunt of climate-related losses and damage.

Guterres also stressed that nine of the world's largest oil companies earned 95 billion USD in profits in a single quarter, while the global Loss and Damage Fund has secured only about 600 million USD.

He noted that the nine companies generate an equivalent amount in just 14 hours.

"Those who profit most from fossil fuels must help foot the bill for the damage they have caused," Guterres said, reiterating that "polluters must pay."

He urged governments to introduce taxes on windfall profits and direct the revenue toward supporting climate-vulnerable nations.

To address the climate financing gap, the UN chief called for at least 300 billion USD annually to be mobilized for developing countries, led by developed nations, while global climate finance should increase to 1.3 trillion USD annually by 2035.

He also urged multilateral development banks to surpass their existing target of mobilizing 120 billion USD annually by 2030, calling on shareholders to expand lending capacity, attract private investment, and assume greater financial risks.

Furthermore, Guterres advocated innovative financing mechanisms tailored to the needs of vulnerable countries, ambitious replenishments of the Green Climate Fund and the Loss and Damage Fund, and stronger South-South cooperation to expand access to technology and capital.