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.
In addition to the horrific loss of human life, campaigners say the crisis highlights how dependence on fossil fuels enriches the few at the expense of the many. The analysis estimates that rising oil and gas prices have already cost consumers and businesses an additional $104.2–$111.6 billion. Impacts have been sharp and immediate, from textile factory layoffs in Bangladesh, to fuel rationing in Kenya, to a looming recession in the United States.
As volatile energy prices continue to spike, driven in part by geopolitical instability and gas market shocks, governments face an urgent challenge: how to bring down household energy bills immediately and protect their citizens from fossil-flation making everything more expensive.
The proposed agreement risks locking Europe into decades of fossil fuel dependency while exposing households to rising energy costs and geopolitical pressure. The warning comes amid escalating pressure from the Trump administration, which has threatened to restrict gas supplies to Europe unless the deal is agreed without amendments.
