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.
A coalition of 130+ civil society organizations is demanding governments to secure a permanent end to the wars in Southwest Asia and break the chains of fossil fuel dependence. The open letter highlights that in addition to thousands of civilians killed by US and Israeli bombs, millions globally are being pushed into hunger and debt because of the iron grip of oil and gas on our economies.
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.
