Secretary-General António Guterres said it was “immoral” that major oil and gas companies are reporting “record profits”, while prices soar. It notes however, that rising energy costs may price out developing countries, especially the most vulnerable communities, from energy markets. “Governments need the fiscal space to support their most vulnerable populations to avoid worsening levels of energy poverty or losing energy access altogether. And it makes clear that the Ukraine war and global energy crisis that it has caused, is a stark reminder that energy resilience and a stronger push for a renewable energy transition is needed. The brief stresses that short-term policies and protection measures be used to mitigate the crisis, while in the medium-to-long-term, renewable energy should be championed to meet net zero goals, tackle energy poverty, boost and diversify the global energy mix.

Source: Nigerian Tribune August 11, 2022 00:55 UTC