Climate Crisis

Big Oil set to double profits as their emissions fuel deadly heatwaves

July 28, 2026

• Top six fossil fuel corporations expect Q2 profits to nearly double Q1 levels. Annual profits for 2026 are set to exceed the previous 21 months combined.

• Emissions from five fossil fuel corporations were enough to cause about 1 in 4 heatwaves between 2000 and 2023, which would have been virtually impossible without climate change.

• A tax on the richest oil and gas corporations could raise up to $400 billion in its first year, enough to cover annual climate adaptation costs in low- and middle-income countries.

The world’s six biggest fossil fuel corporations are expected to nearly double their combined net income in the second quarter of 2026, jumping from $23 billion in the previous quarter to $45 billion, reveals new Oxfam analysis ahead of their earnings announcements. New data also finds that the emissions of these corporations have significantly magnified the frequency and severity of heatwaves this century.

The projected full-year profits of BP, Chevron, Eni, ExxonMobil, Shell and TotalEnergies amount to $147 billion, more than their combined profits over the previous 21 months (Q2 2024 to Q4 2025). Among the biggest winners, Chevron is expected to report that it has quadrupled its profits to $1,200 a second in the last three months, while ExxonMobil’s profits are expected to have tripled to $1,800 a second.

Oil and gas corporations share an outsized responsibility for the climate crisis. New Oxfam analysis of academic data published in Nature finds that the emissions from BP, Chevron, ExxonMobil, Shell and TotalEnergies were sufficient to cause around 1 in 4 heatwaves reported globally between 2000 and 2023 – heatwaves that would have been virtually impossible without human-made climate change. Using S&P Capital Trucost data, Oxfam estimates that Big Oil was responsible for $60 billion in environmental damage last year.

The findings come as record-breaking heatwaves scorch South Asia, Europe and North America, killing tens of thousands of people. Meanwhile, West African countries are struggling with devastating monsoons and floods that have upended thousands of lives and destroyed vital infrastructure across the region.

Yet rather than scaling back fossil fuel production and accelerating the transition to renewable energy, the six largest fossil fuel corporations plan to increase oil and gas production by 14 percent by 2030 compared to 2024 levels, equivalent to pumping an additional 2.5 million barrels of oil a day.

“Fossil fuel corporations are making a killing, literally and figuratively. As extreme heat, floods and storms devastate communities across the world, the industry is preparing another bonanza of profits. Families are paying the price three times over: through destroyed homes and harvests, through soaring energy prices, and through a cost-of-living crisis worsened by dependence on fossil fuels. Big Oil’s greed is incompatible with a livable planet and unless governments rein it in, they will make a mockery of international climate targets,” said Oxfam’s Climate Policy Lead Mariana Paoli.

Oxfam estimates that a tax on the profits of the largest fossil fuel corporations could raise up to $400 billion globally in its first year, enough to cover annual climate adaptation costs in the Global South. An additional excess profits tax on all corporations could generate up to $681 billion globally.

“While Big Oil fuels extreme weather events, rich countries are refusing to increase the public climate finance that poorer countries urgently need to cope with the climate crisis,” said Paoli. “Until governments make the richest polluters pay, fossil fuel corporations will keep driving us deeper into climate chaos. Taxing the richest polluters could help close the gap in funding for climate adaptation and speed the transition towards renewable energy. Fossil fuel corporations must feel the heat, not us.”

Political momentum for taxing the richest polluters is growing. Italy, Germany, Spain, Portugal and Austria have called for a new windfall tax on energy profits. In Australia, where Oxfam research found that one in three coal, oil and gas corporations are paying no corporate income tax, many members of Parliament are speaking out in support of a 25 percent export tax on gas, with strong public support.

Research in 60 countries found that 28 percent of them have implemented a temporary windfall tax on excess profits from fossil fuel companies in recent years, with a further 13 percent supportive. Just 12 percent are explicitly against the measure.

Oxfam Aotearoa’s Advocacy and Policy Lead, Nick Henry, said, “Fossil fuel companies have a global responsibility for climate change. The New Zealand Government should be holding these rich polluters to account and making them pay the cost of their climate damage.”

ENDS

Notes to editors

Oxfam’s research is based on S&P Capital IQ’s consensus estimates compiled from financial analysts’ forecasts. The six largest fossil fuel corporations are due to publish their second-quarter earnings over the coming week. The projected surge in profits reflects the sharp rise in oil prices following the unlawful US and Israel war against Iran.

Download Oxfam’s methodology note.

Read Oxfam’s comprehensive investigation “Big Oil profits expected to double as the world burns”. Get the latest insights, data and investigations on global inequality through the Equals podcast and newsletter.

Analysis of peer reviewed data finds that, of the 213 heatwaves recorded between 2000 and 2023, 55 would have been virtually impossible without human-induced climate change. The historical emissions of Chevron, BP, ExxonMobil, Shell, and TotalEnergies were, on their own, enough to cross the threshold that made nearly all those heatwaves over 10,000 times more likely (50 heatwaves for TotalEnergies, 51 for the four others). This means that the emissions of any of those five corporations were enough, on their own, to cause around 1 in 4 of the heatwaves.

Countries in Europe reported over 10,000 excess deaths during the extreme heatwaves in June. Heatwaves are also killing tens of thousands of people in India. Dozens of people drowned, hundreds had to be rescued and thousands were displaced when floods struck the coasts of west Africa last month.

Oxfam estimates that an additional tax on the profits of 585 of the world’s major oil, gas and coal corporations would raise $400 billion. An additional 50 percent tax on the excess profits of all corporations other than fossil fuel energy corporations with a revenue above $100 million would raise $681 billion.

According to the UNEP Adaptation Gap Report 2025, the estimated adaptation finance needs of low- and middle-income countries range from $310 billion to $365 billion per year by 2035.

Read the details of Oxfam’s model for a ”rich polluter profit tax”.

Read the letter from EU Economy and Finance ministers calling for a windfall profit tax on energy corporations.

Download Oxfam Australia’s Freeloaders report.

See the country mapping of government support for fossil fuel taxes.

Contact information:

For more information or to arrange an interview, please contact: [email protected]

Floods Devastate Communities as Oxfam Scales Up Response

July 14, 2026

Over 1.1 million people across Bangladesh have been badly affected by floods due to waterlogging and landslides triggered by heavy monsoon rainfall and upstream runoff since 4 July 2026. Chattogram has borne the heaviest impacts on people’s lives and livelihoods, while Cox’s Bazar, including the Rohingya refugee camps, continues to face flooding, landslide risks and damage to essential services.

“This is one emergency unfolding across two distinct contexts,” said Anil Pant, Country Director of Oxfam in Bangladesh. “The floods and their cascading impacts have severely disrupted people’s lives and livelihoods. In Chattogram and other affected districts, families have lost homes, income and access to safe drinking water and sanitation. In Cox’s Bazar, the danger is especially acute, as Rohingya families live in densely populated camps on fragile slopes, with limited space for safe relocation and heightened exposure to flooding and landslides.”

The floods have claimed dozens of lives, displaced thousands of people and damaged homes, roads, embankments, water points, latrines, cropland, fisheries and businesses. Many families have lost food stocks, bedding, cooking utensils and household assets. Thousands remain isolated in submerged communities, while some households cannot cook because they have neither dry space nor fuel.

As of today, the disaster has affected over 1.1 million people across 10 districts: Chattogram, Cox’s Bazar, Rangamati, Khagrachhari, Bandarban, Sylhet, Sunamganj, Moulvibazar, and Habiganj, resulting in 53 fatalities and 39 injuries as of 14th July 2026. Safe drinking water, emergency food, shelter materials, hygiene and dignity kits, sanitation support and flexible cash assistance are among the most urgent needs. At least 3,500 water points and 12,400 latrines the damage to at least 3,500 water points and 12,400 latrines have heightened, heightening the threat of waterborne disease. Recovery will also require repairs to homes and WASH facilities and support to restore livelihoods.

“The water rose so quickly that we could save almost nothing. Our food, bedding and cooking utensils are gone, and finding clean water has become very difficult. We need food, safe drinking water and support to repair our home so that our family can start again,” said Akkas Ali, a flood-affected resident of Statkania, Chattogram.

In the Rohingya camps in Cox’s Bazar, 164 landslides and 42 flooding incidents have been reported. Fifteen Rohingya people lost their lives after shelters and facilities collapsed. A total of 9,707 people were displaced and temporarily relocated, while 482 weather-related incidents affected about 43,000 people across 9,463 households. Floodwater entered shelters and inundated WASH facilities, while prolonged cloudy weather left many households without lighting.

Women and girls, children, older people, individuals with disabilities, pregnant and breastfeeding women, and single-headed households face heightened protection and health risks. Limited relocation space, unstable slopes, damaged drainage and overcrowding are making the situation particularly dangerous and the vulnerabilities of the people living there reach the peak.

Oxfam in Bangladesh has initiated its emergency response and allocated BDT 12,065,000 (approximately BDT 12.07 million) to support the affected communities in Chattogram. Working through local partners, Oxfam is conducting rapid needs and gender assessments and coordinating with government authorities, the Needs Assessment Working Group, and UN clusters.

In Chattogram, Oxfam’s planned assistance includes emergency food, safe drinking water, hygiene & dignity kits containing soap, detergent, sanitary pads and oral rehydration salts, sari and lungi. and Multipurpose cash grants of BDT 8,000 per household are also planned so that vulnerable families can meet their urgent needs, including food, shelter repairs, healthcare, transport and livelihood inputs.

In Cox’s Bazar, Oxfam and partners are supporting assessments and repairing damaged facilities within operational areas. Oxfam has also provided personal protective equipment to 100 Rohingya volunteers serving as frontline responders.

“We are already on the ground with our partners, listening to affected communities and acting on their most urgent priorities,” Anil Pant said. “Our initial allocation is an important first step, but the scale of need is far greater. We call on donors, businesses, development partners and concerned citizens to provide flexible funding so that more families can receive life-saving assistance and rebuild with dignity.”

Oxfam aims to reach up to 160,000 people through a locally led, gender-responsive response focused on immediate relief, livelihood recovery and climate-resilient reconstruction with a funding aspiration of 3 million Euro.

Contact information:

For more information contact: [email protected]

Rich countries exaggerating “true value” of climate finance by around $100 billion

July 10, 2026

Rich countries have again inflated the “true value” of the climate finance they provide to low- and middle-income countries, overstating it by around $100 billion in 2024, according to new analysis by Oxfam. This exceeds the $88 billion by which climate finance was overstated in 2022.

Governments reported mobilizing nearly $137 billion in climate finance in 2024 to help Global South countries cut emissions and cope with the worsening impacts of climate breakdown. While $106 billion of the reported amount was provided as public finance, $69 billion (65 percent) was delivered as loans. Many of these loans are provided on market terms, requiring little or no financial effort from rich countries while increasing the debt burdens of countries in the Global South.

Oxfam estimates that the “true value” of the climate finance provided by rich countries in 2024 is between $33 billion and $45 billion, equivalent to no more than one-third of the amount reported. Only $15 billion to $18 billion was allocated to adaptation.

The findings come just weeks after the Bonn climate talks, where rich governments refused to strengthen the commitment they made at COP30 in Brazil to triple adaptation finance by 2035. Oxfam estimates that even tripling adaptation finance would meet only one-third of poorer countries’ adaptation needs.

Oxfam calculated the “true value” of climate finance by estimating the grant equivalents of climate-related loans and other non-grant instruments, rather than at their face value, in order to gauge rich countries’ real financial effort. Oxfam accounts for the difference between loans at market rate and those at preferential terms, while also considering the overly generous claims about the climate-related significance of these funds.

“New Zealand is outperforming other richer countries by giving all our climate funding as grants, not loans,” said Oxfam Aotearoa Policy and Advocacy Lead Nick Henry. “New Zealand’s climate grants are an essential lifeline for our Pacific neighbours and we need to keep our promise to increase the funding over time.”

“Once again, the richest and most polluting countries are inflating the value of the climate finance they provide, creating the illusion of solidarity while delivering far less than they claim,” said Oxfam Climate Policy Lead Mariana Paoli. “Instead of helping poorer countries withstand a crisis they did little to cause, rich countries are pushing them deeper into debt through loans, many offered on profitable commercial terms. It is a cruel irony: those most responsible pay less —and even make a profit— while those least responsible pay more.”

“What is needed is public, grant-based climate finance at the scale the climate crisis demands —not accounting tricks, not loans that worsen debt, and not empty promises. Grants are lifelines that enable countries to adapt to a changing climate, cut emissions, protect lives, and respond to devastating loss and damage. At COP31, rich countries need to drastically increase grant-based climate finance and finally deliver on the commitments they have made.”

Notes to editors

Download Oxfam’s methodology note. Calculations are based on original research by INKA Consult and Steve Cutts using the latest OECD climate-related development finance datasets for 2023 and 2024. Figures are rounded to the nearest 0.5 billion.

According to the OECD, rich countries say they mobilized $136.7 billion in climate finance for Global South countries in 2024.

In 2022, rich countries overstated the “true value” of their climate finance by up to $88 billion.

According to the UNEP Adaptation Gap Report 2025, the estimated adaptation finance needs of low- and middle-income countries range from $310 billion to $365 billion per year by 2035.

At the Bonn climate talks last month, rich governments refused to strengthen the commitment they made six months ago at COP30 in Belém, Brazil, to triple adaptation finance, which Oxfam estimates would still provide only one-third of the finance needed to meet the needs of poorer countries.

Contact information:

For more information or to arrange an interview contact: [email protected]

Oxfam reaction to the 2026 Bonn climate negotiations

June 18, 2026

The missing billions: Rich countries sidestep climate finance commitments at Bonn

As the 2026 Bonn climate meetings draw to a close, Oxfam Climate Policy Lead Mariana Paoli said:

“The UN negotiations have once again been derailed by rich countries’ refusal to take responsibility for increasing critical public climate finance. Oxfam estimates that the commitment to triple adaptation finance would, if implemented, provide $120 billion, only around a third of the projected needs for developing countries by 2035 ($310 to $365 billion). Climate-vulnerable countries in the Global South continue to be left with insufficient resources to cope with the harmful impacts of the climate crisis.

“It is a dark irony that the world minted its first trillionaire at the very moment that rich countries were pinching pennies at Bonn. At a time when multilateralism faces an existential threat and rich polluters accelerate the path to climate breakdown, the unwillingness of rich countries to engage meaningfully is astonishing.

“Delegates continued to talk about a new global body to coordinate and accelerate a just energy transition – which gives us a glimmer of hope. However, too many important issues involving climate finance and mitigation were simply kicked down the road to COP31.

“The Turkish and Australian COP31 presidencies must put these items high on the agenda. All governments, particularly the richest and most polluting, must show their leadership in scaling up public climate finance – and do so by cutting out the influence of super-rich polluters and centring the needs of the communities who are at the forefront of the climate crisis.”

Notes to editors

Contact information:

For more information or to arrange an interview contact: [email protected]

G7 energy billionaires pocket $300 million a day since start of unlawful US and Israel war against Iran

June 15, 2026

Billionaire wealth has so far surged by nearly $10 trillion amid the fifth global economic crisis since 2020.
G7 countries slashed aid to the world’s poorest countries by $48 billion between 2024 and 2025 —a sum G7 billionaires accumulated in just nine days.
Oxfam calls on the “G6″ to stop using US intransigence as an excuse for inaction, urging taxes on excessive profits and the super-rich, debt suspension, more aid, and new Special Drawing Rights.

41 G7 energy billionaires have increased their wealth by $23.5 billion since the unlawful US and Israel war against Iran began, reveals new Oxfam analysis published ahead of the G7 summit in Evian, France. This is equivalent to about $1,000 in the time it takes to blink. Billionaires globally have gained $9.8 trillion since 2020.

Soaring energy and food prices are devastating households worldwide, particularly across low- and middle-income countries already battered by years of economic turmoil, debt crises, and climate shocks.

At the same time, six oil majors’ profits are projected to skyrocket by 80 percent ($68 billion) over pre-war forecasts. Their profits are on track to hit $152 billion in 2026, equivalent to $416 million a day. This windfall extends to other industries: three of the world’s top fertilizer corporations are expected to see profits jump by 23 percent ($928 million) compared to pre-war estimates. Overall, combined profits for some of the largest G7-headquartered corporations are expected to exceed pre-war projections by $413 million on average.

“Conflict devastates countries and costs countless lives, yet for some it is extraordinarily profitable,” said Oxfam International Executive Director Amitabh Behar. “This is a brutal system that redistributes wealth upwards —from workers to shareholders, from the poorest to the richest, from those with the least power to those who already have far too much of it. While families are skipping meals and governments slash lifesaving aid, we are witnessing a grotesque billionaire bonanza.”

This fifth major global crisis since 2020 is being met with political paralysis and retreat. Unlike the coordinated international action seen in the immediate aftermath of the COVID-19 pandemic and Russia’s invasion of Ukraine —when governments temporarily suspended debt service payments and the International Monetary Fund provided emergency lending—, G7 leaders are doing less than ever to help poorer countries.

Crucially, Oxfam warns that the remaining “G6” leaders —Canada, France, Germany, Italy, Japan and the UK— must stop using the US administration’s destructive actions in the global economy and in fueling conflict as an excuse for their own inaction. The G6 possesses immense, independent financial and diplomatic leverage that they are choosing to withhold.

Between 2024 and 2025, the G7 presided over the largest reduction in official development assistance (ODA) in its history, slashing aid to the world’s poorest countries by $48 billion. This is equivalent to the wealth accumulated by G7 billionaires in just nine days during that same period.

The human cost of the G7’s inaction is catastrophic. Since France last chaired the G7 summit, 44 people have fallen into a humanitarian emergency every single minute. From the preventable Ebola crisis in the Democratic Republic of Congo to the ongoing genocide in Gaza —the most extreme and devastating example of G7 inaction, where not a single G7 country has imposed an arms embargo on Israel, let alone cut off arms being used in atrocities— multilateralism is being actively destroyed.

“To secure President Trump’s attendance at this summit, President Macron agreed to ignore discussions on climate breakdown, spiraling inequality, and the need for coordinated responses to overlapping global crises,” said Behar. “Even words like ‘gender’ or ‘climate’ have been expunged from the agenda to appease Washington. Rather than defending collective governance, Macron and his peers are accommodating its destruction. This will have consequences measured in lives.”

“The G6 can’t plead powerlessness,” Behar added. “They can cancel debt. They can tax windfall profits and extreme wealth. They can advocate for a new issuance of Special Drawing Rights. They can provide poorer countries with aid. Refusing to act simply because Washington will not join them is not diplomacy —it is cowardice. And it will only accelerate the G6’s slide into global irrelevance.”

Oxfam is calling on G7 leaders —and the G6 independently if necessary— to immediately implement a four-part response to protect ordinary people from the crisis:

Tax the excessive profits of corporations and the super-rich to reduce inequality.
Suspend and cancel debt. Replicate the COVID-19 playbook by immediately suspending all bilateral debt payments from low- and middle-income countries and use legislative mechanisms to force private creditors to do the same. Cancel unsustainable debt, which forces governments to make devastating cuts to essential public services.
Boost aid. Meet ODA commitments by returning to the 0.7 percent Gross National Income (GNI) target.
Unlock global liquidity. Support an immediate new issuance of Special Drawing Rights through the IMF —decoupled from quota shares— to inject much-needed liquidity into struggling economies without adding to their debt burdens. Concurrently, International financial institutions must deploy conditionality-free emergency lending, mirroring the crisis response deployed during the pandemic.

Notes to editors

Download Oxfam’s media brief and methodology note.

Overlapping crises since 2020 are deepening inequality, entrenching poverty and accelerating the concentration of wealth and power.

G7 energy billionaires increased their wealth by $23.5 billion since the war began. This is equivalent to $301 million per day, $3,487 per second or $1,046 every 0.3 seconds (average time it takes to blink).

The UNDP estimates that the unlawful US and Israel war against Iran could push more than 30 million people into poverty worldwide. The FAO Food Price Index —which tracks the international prices of a basket of globally-traded food commodities— rose more than three times faster during the February-April period in 2026 than it did during the corresponding months in 2025.

Billionaire wealth data is based on Oxfam’s analysis of Forbes’ Real-Time Billionaire List as of 18 May 2026.

Corporate profit projections were calculated using 2026 consensus net income estimates —the average forecast of a corporation’s profits based on analyst projections— sourced from S&P Capital IQ. Pre-war estimates from 25 February 2026, were compared against the most current forecasts as of 26 May 2026. The analysis focused on the world’s “Big Six” oil corporations and the three largest publicly listed fertilizer corporations by 2025 revenue. For the broader G7 analysis, researchers evaluated corporations within the S&P 1,200 Index, filtering out non-G7 countries, corporations projected to post net losses, and those without available consensus estimates. This resulted in a final sample size of 691 corporations.

G7 countries account for around three-quarters of all official development assistance (ODA).

Across the occupied Palestinian territory (oPt), Lebanon, and Iran, Israeli military operations have killed over 78,000 people, injured more than 200,000, and displaced millions.

Gaza: over 72,000 Palestinians have been killed and 172,000 injured.
Lebanon: recent escalations have killed 3,185 people, injured more than 9,600, and forced over 1.2 million from their homes.\
Iran: UN agencies estimate that up to 3.2 million people have been displaced, alongside thousands killed and tens of thousands injured.

The Ebola outbreak in the Democratic Republic of Congo (DRC) is hitting a country already stretched to breaking point. Ongoing conflict and years of aid cuts have deepened a humanitarian crisis of staggering scale: one in four people are going hungry. Those same aid cuts left DRC effectively exposed to Ebola, weakening the surveillance systems that should have detected this outbreak weeks earlier.

Contact information:

For more information or to arrange an interview contact: [email protected]

Governments falling 90 percent short of climate adaptation finance needs, Oxfam warns ahead of Bonn climate talks

June 3, 2026

Governments are falling 90 percent short of adaptation finance targets and leaving people in climate-vulnerable communities drastically under-equipped to cope with the devastating impacts of climate change, Oxfam warns ahead of Bonn climate talks (8-18 June).

According to the Organization for Economic Cooperation and Development (OECD), as of 2024, governments mobilized $32 billion in public adaptation finance – around 90 percent short of the $310 billion to $365 billion projected needs for developing countries by 2035. To bridge this gap, rich countries would have to increase their adaptation financing tenfold.

“The New Zealand Government has failed to renew our climate finance commitment that ended in 2025. This is depriving our neighbours in the Pacific of at least $100 million every year,” said Nick Henry, Oxfam Aotearoa’s Advocacy and Policy Lead.

“While climate impacts on communities in the Pacific are accelerating, our Government is falling behind on our fair share of support for our neighbours.

“Oxfam Aotearoa calls on our Government and all political parties to commit to funding our fair share of climate adaptation needs for our Pacific neighbours.”

The total climate finance of $137 billion reached in 2024 is also just a fraction of what countries need to transition away from fossil fuels.

This shortfall highlights a stark global inequality, that those who have done the least to cause the climate crisis are being hit by the heaviest damage and short-changed from the funding promised to help them deal with it. People living across the Global South, women, girls and Indigenous groups are overwhelmingly bearing the costs of environmental devastation.

Meanwhile, super-rich corporations and individuals — largely based in the Global North — have seen their wealth skyrocket.

The profits of the six biggest fossil fuel corporations are projected to hit $94 billion in 2026, continuing to attract mega-investors. Almost 60 percent of billionaire investments are classified as being in high climate impact sectors, such as mining or oil and gas corporations.

“For too long, governments have coddled a super-rich elite whose huge emissions and dirty investments in polluting industries are throttling climate action. At Bonn, leaders must tackle this unequal concentration of wealth and power. It’s time to make rich polluters pay, and channel that wealth into accessible, participatory climate finance in a way that reaches the communities who need it most,” said Mariana Paoli, Oxfam International’s Climate Lead.

Recent polling commissioned by Oxfam across seven countries found that approximately two-thirds (68 percent) of the public support increasing taxes on the profits of large oil and gas corporations to help fund a fair transition to renewable energy.

Oxfam urges governments to:

Slash the emissions of the super-rich and make the richest polluters pay, through taxation on extreme wealth, excess profits taxes on fossil fuel corporations, and a carbon capital levy on investments in polluting sectors.
Remove the financial barriers blocking a Just Transition by cancelling debt, phasing out fossil fuel subsidies and overhauling a financial architecture systemically skewed against Global South countries.
Substantially increase climate finance to support communities on the frontlines of the climate crisis. This means fulfilling the $300 billion annual target agreed at COP29, including tripling funding flows specifically for adaptation, and substantially increasing resources to address loss and damage.

ENDS

Notes to editors

According to the OECD, in 2024, wealthy countries mobilized $137 billion in total climate finance to support climate action in low- and middle-income countries. Of this, $102 billion came in the form of public finance, mostly as loans. Public finance for adaptation amounted to $32 billion.

The UNEP Adaptation Gap Report 2025 calculates that the cost of adaptation finance needed in low- and middle-income countries is $310 billion per year in 2035, when based on modelled costs. When based on extrapolated needs expressed in Nationally Determined Contributions and National Adaptation Plans, this figure rises to $365 billion a year.

Oxfam research finds that six of the biggest fossil fuel companies (Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies) are projected to earn $2,967 a second in profits in 2026. Download the methodology note.

Download “Climate Plunder: How a powerful few are locking the world into disaster”, the executive summary and the methodology note. The report is also available in Spanish, French and Portuguese.

The global poll, conducted by market research company Norstat in April 2026, gathered responses from people in seven countries (UK, France, Brazil, Turkey, Australia, the Netherlands and Colombia). The polling also showed that support for taxing oil and gas corporations to fund the renewable energy transition crossed party lines. In six of the countries, there were more far-right respondents who supported such a tax, than those who opposed it.

Contact information:

For more information or to arrange an interview contact: [email protected]