Polluting energy companies must be taxed on windfall profits to offset the damage caused by climate change and rising prices, UN Secretary-General António Guterres told the UN General Assembly Tuesday. The fossil fuel industry is “feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns,” he said. “It is high time to put fossil fuel producers, investors and enablers on notice. Polluters must pay.”

Amid growing geopolitical division, Guterres cast the industry primarily responsible for climate change as a common enemy and urged wealthy nations to direct windfall tax revenues to “countries suffering loss and damage caused by the climate crisis.” President Biden will not attend a roundtable conversation today, hosted by Guterres and Egyptian president Abdel Fattah El-Sisi. (Guterres: AP, The Guardian, CNN, Climate Home, CNBC, OilPrice; Biden: Bloomberg $)