Berliner Boersenzeitung - UN chief says 'Big Oil' treats atmosphere as open sewer

"We know that fossil fuel interests won't step aside on their own. For decades, Big Oil has treated the atmosphere as an open sewer -- and cashed in on the consequences," Guterres said.

He continued: "Since Russia's invasion of Ukraine, five major Western oil companies have pocketed nearly half a trillion dollars in profits," comparing the amount with the just $34 billion in financing that has been mobilized to help developing countries adapt to a warming world.

"Meanwhile, everyday people are paying more for energy, food and insurance," he said, comparing the "abuse of power" by the fossil fuel industry to the actions of Big Tobacco.

"Those who polluted the most -- and profited the most -- must do far more to repair the damage they caused," he urged.

The former Portuguese prime minister's speech comes after records were smashed across the world for the northern hemisphere summer and Nepal suffered devastating flooding triggered by glacial collapse.

Meanwhile the UN has said the world will at least temporarily breach the Paris agreement goal of limiting warming to 1.5C relative to pre-industrial times.

"The dangers are real, but so is the hope," said Guterres, pointing to the global solar and wind energy boom, with renewables now the cheapest source of energy in most of the world.

Climate change has long been a defining focus for Guterres, who will have a final crack at the issue on Wednesday when he hosts a climate summit in the run-up to the COP31 talks in Antalya in November.

Observers will watch for signs -- especially from co-hosts Turkey and Australia, both heavily dependent on fossil fuels -- of heightened ambition, that would indicate the talks can deliver.

(Y.Berger--BBZ)