By Jamshed Baruah
GENEVA (IDN) — The UN Secretary-General’s Global Crisis Response Group (GCRG) on Food, Energy and Finance points out that skyrocketing energy prices are compounding an existential cost-of-living crisis for hundreds of millions of people. In fact, as the war in Ukraine continues to rage, the rising energy costs may cost many developing countries, especially the most vulnerable communities, from energy markets.
Despite this alarming situation, major oil and gas companies recently reported record profits, which Secretary-General António Guterres, who launched the brief on August 3, called “immoral.”