It’s Time to Make Polluters Pay

As world leaders convene at the UN General Assembly this September, the urgency of addressing the climate crisis has never been more palpable. Today, relentless heat and devastating wildfires are scorching the United States while Typhoon Yagi has taken dozens of lives and affected millions in southeast Asia. These aren’t just headlines—they are stark reminders of the climate disaster we are now facing head on. The time for empty promises is over.

To combat these escalating threats, a decisive step must be taken: using the immense profits of oil and gas companies to fund global climate finance. The fossil fuel industry, long a major driver of global warming, continues to reap enormous profits as the planet suffers. In 2023, the hottest year on record, oil majors raked in cash while people and ecosystems across the world endured some of the most severe climate impacts in history. These profits, built on the exploitation of our planet’s resources, should now be harnessed to address the damage they have directly caused.

World leaders have the power and the responsibility to implement a robust tax on these profits. Such a tax is not just a moral imperative; it is a practical solution to the growing gap in climate finance. Developing nations, which are often the hardest hit by climate disasters, lack the resources to adequately protect their populations or to transition to cleaner energy. A global tax on oil company profits could generate the necessary funds to support these nations, helping to build resilience against future climate impacts and accelerate the transition to a low-carbon economy.

This year, the UN General Assembly has the opportunity to be a turning point. World leaders must unite to hold oil companies accountable for their role in the climate crisis. By taxing their profits and channeling those funds into climate finance, we can prevent the worst impacts of climate change and take a bold step toward a cleaner, more sustainable and equitable future.

The time for action is now.