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.
As London Climate Action Week unfolded against the backdrop of one of the UK’s most extreme heatwaves, journalists, frontline voices and campaigners gathered for a landmark Make Polluters Pay event highlighting the growing political, legal and public momentum to hold fossil fuel companies accountable for climate damage.
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.
As G7 leaders depart Évian-les-Bains, 350 says the summit has once again proven that the G7 is not fit for purpose and is a forum that exists to protect the interests of rich countries and fossil fuel companies rather than to deliver the rapid, fair transition the world urgently needs.
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.
