BP and Shell’s combined 2024 profits are more than double the amount of the UK’s climate finance commitments, according to a new analysis by NGO Global Justice Now.
The two fossil fuel giants raked in a staggering Ā£26.2 billion in profits in 2024, while the UK has only committed to spending Ā£11.6 billion on international climate finance between April 2021 and April 2025. This stark difference in financial priorities has raised concerns among environmental advocates.
Izzie McIntosh, the climate campaign manager at Global Justice Now, expressed her dismay at the disparity in funding. She emphasized the need for greater accountability and action from governments to address the climate crisis.
The lack of adequate climate financing has also been a point of contention among developing countries, who criticized wealthy nations like the UK for not meeting their fair share of funding commitments. During the recent UNFCCC COP29 climate conference, it was revealed that the $300 billion per year pledge by 2035 falls significantly short of the $1.3 trillion per year that many experts believe is necessary.
The Independent High-Level Expert Group on Climate Finance has recommended that rich countries contribute around $1.3 trillion by 2035 to mitigate the impacts of climate change. However, a recent analysis by Oxfam found that wealthy nations are overestimating the value of climate finance by up to $88 billion by providing a majority of funds in the form of loans rather than grants.
Furthermore, the UK government has faced criticism for “double counting” climate finance by making changes to what counts towards the funding goal. These discrepancies highlight the need for greater transparency and accountability in climate finance initiatives.
As we navigate the challenges of climate change, it is crucial for governments and corporations to prioritize sustainable practices and invest in a just transition towards renewable energy sources. By holding fossil fuel companies accountable and mobilizing adequate funding for climate action, we can work towards a more sustainable future for all.
This article was rewritten by Brendan Montague, editor of The Ecologist, to shed light on the urgent need for action on climate finance and environmental sustainability.
