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.
New analysis by 350.org shows that people and businesses will continue to pay a steep price for fossil fuel dependence, even if the Strait of Hormuz fully reopens and remains so. According to 350.org calculations, an estimated $374bn has already been transferred from households and businesses to the oil and gas industry through higher prices.
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.
While fossil fuel companies raked in billions in profits in the first quarter of 2026 amid the South-West Asia conflict, campaigners at 350.org condemn the French G7 presidency’s glaring inaction on windfall and excess profits taxes targeting the oil and gas industry.
While millions across the US and globally face energy insecurity and rising costs of living, major oil and gas corporations continue to post unprecedented earnings driven by the war in the Middle East and an energy system rigged in their favor.
New research by 350.org shows that on top of soaring energy bills, fossil fuels cost households an additional $12 trillion a year in taxpayer handouts, health impacts and extreme weather damage – equivalent to a $23 million a minute “gift to Big Oil” that costs each person on Earth $1,400 per year.
