Renewables
UN chief calls for fossil fuel taxes at final climate summit
António Guterres used his final UN climate summit appearance to urge governments to tax oil companies and properly finance climate compensation.
Key points
- António Guterres addressed his final COP summit as UN secretary-general in Antalya, Turkey.
- He renewed calls for windfall profit taxes on fossil fuel companies to fund the loss and damage fund.
- The next UN climate summit, COP32, is scheduled to take place in Addis Ababa, Ethiopia, in 2027.
What happened
United Nations Secretary-General António Guterres has used his final climate summit in office to press for stronger financial accountability from the fossil fuel industry. Premium Times reported that Mr Guterres, speaking at the 31st Conference of the Parties (COP31) in Antalya, Turkey, argued that major energy producers must pay for the climate damage experienced by poorer nations.
The UN leader, whose second five-year term concludes on 31 December, received an award from civil society groups during a farewell event. Louise Hutchins, convener of the Make Polluters Pay International Coalition, commended him for confronting powerful industries, according to Premium Times.
Mr Guterres criticised the current funding of the global loss and damage mechanism, describing it as inadequate. He reiterated proposals for a windfall profit tax on oil companies and a climate justice compact to assist vulnerable economies in transitioning away from hydrocarbons. His successor will take office on 1 January 2027, preparing to lead COP32 in Addis Ababa, Ethiopia.
Why it matters
The debate over fossil fuel taxation and loss and damage financing carries profound implications for resource-dependent economies and international energy investments. For nations heavily reliant on hydrocarbon revenues, such as Nigeria where fuel exports accounted for 85.9 percent of merchandise exports in 2025 according to World Bank figures, global shifts toward punitive taxation on energy companies could influence project financing and capital allocation across the continent.
Policy makers and investors across Africa must monitor how international climate mechanisms evolve, particularly as future summits address transition pathways. With global energy markets reflecting Brent crude at 92.14 US dollars per barrel and WTI at 89.62 US dollars per barrel as of November 2026, according to US EIA data, regulatory pressures on fossil fuel producers may alter long-term investment strategies. Balancing economic development with international climate obligations remains a central challenge for emerging energy markets.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
22.0% of electricity in Nigeria was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
