Middle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds
The Middle East crisis could cost the global economy up to $1 trillion due to soaring oil and gas prices, while fossil fuel companies report record profits, according to analysis by 350.org. Climate advocates and government representatives at a conference in Santa Marta, Colombia, warn the burden falls hardest on vulnerable nations, exacerbating poverty and inequality. They are calling for windfall taxes on oil companies to fund renewable energy and social protections. The event highlights global momentum toward ending fossil fuel dependence and redirecting subsidies toward climate justice.
- ▪Analysis by 350.org, using IMF data, estimates the Middle East oil and gas crunch could cost the global economy $600 billion to over $1 trillion due to elevated energy prices.
- ▪BP reported its first-quarter profits more than doubled due to rising oil and gas prices linked to the Middle East conflict.
- ▪Over 50 nations and civil society groups at the Santa Marta conference are advocating for a transition away from fossil fuels and greater investment in renewable energy.
- ▪The Planetary Guardians estimate governments spend $1.05 trillion annually subsidizing fossil fuels, with the wealthiest capturing most of the benefits.
- ▪Mary Robinson and other leaders urge using saved subsidy funds for climate resilience, debt relief, and renewable energy in vulnerable countries.
Opening excerpt (first ~120 words) tap to expand
A ‘make polluters pay’ protest demanding oil companies pay for the energy transition, on the coast during the nearby conference in Santa Marta on Monday. Photograph: Iván Valencia/APView image in fullscreenA ‘make polluters pay’ protest demanding oil companies pay for the energy transition, on the coast during the nearby conference in Santa Marta on Monday. Photograph: Iván Valencia/APFossil fuelsMiddle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis findsClimate group calls for urgent windfall tax on excess fossil fuel profits, as delegates tell Colombia conference their nations are sufferingJonathan Watts and Fiona Harvey in Santa Marta, ColombiaTue 28 Apr 2026 07.00 EDTLast modified on Tue 28 Apr 2026 07.02 EDTSharePrefer the Guardian on GoogleThe…
Excerpt limited to ~120 words for fair-use compliance. The full article is at the Guardian.
Discussion
0 commentsMore from the Guardian
