As the world’s biggest oil companies posted $93 billion in profits in the second quarter of 2026, new analysis by 350.org shows that Indonesian households are paying the price, with Iran war-driven oil shocks imposing billions of dollars on the economy.
Climate campaigners warned that record high temperatures and a strong El Niño is resulting in severe drought in many countries, hitting crop yields and raising food prices. 350.org urged governments to move fast to protect farming communities and consumers, and mobilize the necessary funds through higher, permanent taxes on fossil fuel profits.
ClientEarth, together with ASEAN Working Group on Social Forestry (AWG-SF) and RECOFTC Indonesia, organised a Regional Knowledge Sharing of ASEAN Guiding Principles for Effective Social Forestry Legal Frameworks (AGP) workshop in Jakarta on 4-5 August. Hosted by Indonesia's Ministry of Forestry, the event aimed to improve the effectiveness, transparency, and inclusiveness of social forestry governance across ASEAN Member States.
Scientists estimate that emissions from just five fossil fuel corporations - BP, Chevron, ExxonMobil, Shell and TotalEnergies - were sufficient to cause around one in four of the heatwaves recorded globally between 2000 and 2023. Those same five companies are now announcing another blockbuster quarter of fossil fuel profits.
This summer is proving to be one of the most brutal yet. Intense heatwaves are killing thousands of people, flash floods are submerging entire towns, and wildfires are sweeping through regions once considered safe. These are all symptoms of a climate crisis driven by fossil fuel dependence.
In response to threats over closure of Saudi Arabian oil routes in the Red Sea by the Houthi group, climate justice organization 350.org has warned that the crisis exposes the true cost of continued global reliance on fossil fuels.
