Drill now, drown later

illuminem summarises for you the essential news of the day, reviewed by our editorial team. Read the full piece on Business Recorder or enjoy below:

🗞️ Driving the news: UN Secretary-General António Guterres has intensified calls for a global transition away from fossil fuels, accusing major oil companies of profiting from pollution while developing countries receive comparatively little support to adapt to climate change

🔭 The context: Guterres said five major Western oil companies have generated nearly $500bn in profits since Russia’s invasion of Ukraine, compared with $34bn in international public adaptation finance for developing countries in the latest reported year
• The Trump administration has simultaneously expanded US oil and gas development, reopened federal areas to drilling and initiated withdrawal from the Paris Agreement as part of its energy policy
• The Business Recorder editorial argues that this shift complicates global efforts to reduce fossil-fuel dependence, particularly for climate-vulnerable developing economies such as Pakistan

🌍 Why it matters: Pakistan illustrates the tension at the centre of climate justice: developing economies need affordable and reliable energy for growth while also facing significant exposure to floods, extreme heat and other climate-related risks
• The editorial argues that wealthier economies should provide greater climate finance to help vulnerable countries strengthen resilience and transition without sacrificing economic development

⏭️ What’s next: Pressure is likely to grow on governments to reconcile energy security with decarbonisation, while Guterres is calling for national plans to transition away from fossil fuels with clear timelines and protections for affected workers and communities

📈 One stat: Five major Western oil companies have earned nearly $500bn in profits since Russia invaded Ukraine, compared with just $34bn in international public adaptation finance for developing countries in the latest reported year

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