New figures from the Organisation for Economic Co-operation and Development show that climate finance provided and mobilised by developed countries rose to USD 132.8 billion in 2023 and USD 136.7 billion in 2024. While the figures suggest an upward trend, campaigners warn that the headline increase mask deeper concerns about adequacy and overall reduced aid.
Decarbonization, renewable expansion and emissions reduction became the primary benchmarks of success. Energy was framed largely as an environmental issue, with progress measured by how quickly systems could move away from fossil fuels. That framing is now evolving.
Soaring prices for fuel, fertilizer and food could be the last straw for millions of families in the global South already pushed into poverty by climate change. Governments must act now to stop oil and gas companies profiting from the war— by taxing their windfall profits to finance protections for ordinary people.
The new plan, the first update since 2008, sets out Brazil’s pathway to cut emissions by up to 67% by 2035 and reach net zero by 2050, with a continued focus on ending deforestation, a major driver of emissions in the Amazon. However, campaigners say the plan lacks the ambition needed to rapidly transition away from oil, gas and coal, particularly as Brazil remains one of the world’s top emitters.
While the plan confirms continued expansion of renewable energy and a carbon-intensity reduction target of 17%, notably lower than the previous carbon intensity target. The plan stops short of outlining the structural changes needed to put China firmly on a path toward declining emissions this decade, referring to peak instead of previous language to phase down coal.
The new war on Iran and the closure of the Strait of Hormuz lay bare the horrendous costs of a world chained to fossil fuels. When global energy security can be upended by a single flashpoint, it shows how unstable and risky our dependence on oil and gas is.
