As droughts and wildfires damage economies, 350.org called on governments to push for a global tax treaty that can make big oil and gas corporations pay for mounting climate costs.

This week in New York, governments wrapped up negotiations for the UN Tax Convention with some governments strongly pushing for a global tax system aligned with the Paris Agreement and other environmental treaties, which can hold big polluters accountable for climate damage.

Campaigners called on governments to support a global tax on fossil fuel profits to raise critically needed funds to help communities and countries hit hardest by climate disasters and ensure a fast, fair shift to renewable energy. Revenues can also be directly channeled to households struggling to pay bills or put food on the table due to spikes in energy and food prices.

While tax treaty negotiations took a step in the right direction, several rich countries tried to halt progress by sidelining positions that push for stronger environmental taxation and taxing rights for developing countries.

Set to be finalized in 2027, the UN Tax Treaty talks will resume in December, with the inclusion of a “polluters pay” principle on the table. If adopted, a legally binding mechanism can be set up to collect a global tax on the profits of the world’s biggest oil and gas companies, which posted more than $90 billion dollars in profits in the second quarter of 2026 alone.

Lisa Rose, Campaigner at 350.org, said:

"Big Oil’s staggering second quarter earnings prove that the money we need for solutions exists, it’s just in the wrong hands. As droughts and heatwaves drain public budgets and push up the cost of living, countries need these funds now to protect people from extreme heat and rising bills. The momentum for permanently taxing fossil fuel profits is here. Our leaders must not squander this chance to put that wealth where it belongs – into building a safer and more livable planet, not a hotter and more destructive one.”

Josh Bayly, Director of Sustainability at Consumers International, said:

"Affordability stands out as the top consumer concern worldwide. Spiking energy and food prices have turned essential daily activities like cooking a meal or using the air conditioner into a dilemma for ordinary households. Globally, consumer trust in fossil fuel companies is low, and the outstanding profits they just posted only deepens this distrust. The UN Tax Convention gives governments a real chance to make the energy system fairer: tax excess profits to ease the burden on consumers.”

Notes to the Editor:

• Analysis by Eurodad and the Global Alliance for Tax Justice estimates that a 20% surtax on profits of the world's 100 largest oil and gas companies could have generated more than $1.08 trillion since the Paris Agreement was signed in 2015.