Climate group calls for urgent windfall tax on excess fossil fuel profits, as delegates tell Colombia conference their nations are suffering
The Middle East oil and gas crunch will impose as much as a trillion dollars of additional costs on the global economy while petroleum companies rake in spectacular profits from elevated fuel prices, analysis has revealed.
The uneven distribution of risk and reward comes amid rising concern that the US-Israeli attack on Iran is worsening inequality, poverty and hunger across a world that has become dangerously dependent on fossil fuels.
Continue reading...This article was originally published by The Guardian and written by Jonathan Watts and Fiona Harvey in Santa Marta, Colombia.
Read original article on The Guardian