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Report Exposes Hidden Fossil Fuel Costs Siphoning Off $12 Trillion From Society Every Year
"The economic case for fossil fuels has not just weakened, it has collapsed," said the head of 350.org, the group behind the publication.
Apr 21, 2026
Oil price spikes caused by the US and Israel's war in Iran are straining the pocketbooks of ordinary citizens the world over. But a new study shows that even in normal times, dependence on fossil fuels poses a tremendous financial cost while a small group of companies reaps the rewards.
The report published by the environmental group 350.org on Tuesday found that people around the world are subsidizing the fossil fuel industry to the tune of $12 trillion per year, a cost of about $1,400 for every person on Earth.
The number goes beyond direct government subsidies, with the report explaining that "ordinary people are paying for fossil fuels three times over."
The fossil fuel industry costs every person on Earth $1,400 a year — and pays almost nothing back.350.org's new #OutOfPocket report breaks it down. Santa Marta is the first conference ever called to end fossil fuels, and this report is the receipt.Read the full report: 350.org/out-of-pocke...
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— 350.org (@350.org) April 21, 2026 at 9:26 AM
In addition to the $636 billion in government handouts the International Monetary Fund (IMF) found were paid to fossil fuel companies in 2024, the public also has to bear the burden when conflict or other emergencies cause prices to spike.
The report estimates that during the first 50 days of the Iran war, consumers and businesses have paid an additional $158.6–$166.9 billion due to higher fuel costs. This comes not only at the gas pump, but through heightened costs for food, transport fees, and other basic necessities.
"This crisis is a stark reminder of just how risky it is to rely on fossil fuels, with around 80% of global energy still coming from them and driving the instability we see today," said Jan Rosenow, professor of energy and climate policy at Oxford University. "Price volatility is not a flaw in the fossil fuel system; it is a built-in feature."
An investigation published earlier this month by The Guardian found that while consumers are getting hit, the war has been a bonanza for Big Oil. The top 100 companies have raked in an extra $30 million per hour since it began and made $23 billion in windfall profits during the war's first month.
But the true mammoth cost to consumers comes from mitigating the climate damage caused by unrestrained fossil fuel use, from droughts to floods to heatwaves that have grown increasingly frequent and severe as global temperatures have climbed.
Using peer-reviewed data relied on by the US Environmental Protection Agency (EPA), 350.org estimated that the global population is footing the bill for about $9.3 trillion in climate-related damages and air-pollution-related deaths each year, social costs that the industry causes but pays almost nothing to solve.
The effects hit the poor hardest: Low-income households spend almost twice as large a share of their budgets on energy as higher-income households.
Meanwhile, renewable energy infrastructure, which has high upfront costs but pays for itself over time, is less abundant in developing parts of the world, and countries like Pakistan, Bangladesh, and South Sudan have had to ration power during energy crises.
The poorer Global South is also on the frontlines of some of the worst and most immediate effects of the climate crisis.
In addition to one of the deadliest ongoing conflicts in the world, South Sudan has suffered both severe floods and droughts that have ravaged crop outputs, raising the risk of famine, and schools have had to close for weeks as extreme heat caused children to faint from heat stroke.
Eastern Africa has dealt with the displacement of more than 20 million people from record-breaking floods and droughts.
In Sri Lanka, chronic flooding and pest outbreaks exacerbated by rising temperatures are expected to cost the country 3.5% of its gross domestic product by 2050.
Bill McKibben, the co-founder of 350.org, said that in the coming years, climate upheaval can only be expected to get worse.
"A building El Niño means 2026 and 2027 will set new global temperature records, and that will offer yet more chaos, and yet more reminders that it is the poorest people on Earth who must bear most of the cost of this ongoing tragedy," he said.
The research conducted by 350.org was built on a model used by the IMF, which found that fossil fuels were costing taxpayers about $7.4 trillion. However, that research rested on a carbon price of $85 per tonne of CO2 emitted into the atmosphere.
350.org found that this figure, which "represents the cheapest possible price to keep warming below 2°C," vastly understates the damage caused by warming, which peer-reviewed research suggests is between $185-233 per tonne.
While proponents of continued fossil fuel use often oppose green energy expansion on the grounds of cost, the report notes that just that $4.1 trillion undercount would be enough to finance more than 5,900 gigawatts of new solar capacity—enough to power every home in Africa, South Asia, and Latin America combined.
"The economic case for fossil fuels has not just weakened, it has collapsed," said Anne Jellema, 350.org's chief executive.
In addition to calling for an immediate end to both the war in Iran and Israel's war against Lebanon, 350.org called on governments around the world to tax the industry's wartime windfall profits and put the money toward lowering the energy bills of ordinary families.
The group also called to replace fossil fuel subsidies with household support and subsidies for cheaper renewables, which it says will be resistant to the shocks that oil and gas regularly face.
"Renewables are not controlled by a few fossil fuel-exporting countries," said Hala Kilani, the head of energy diplomacy for the international climate policy network REN21. "It is abundant, distributed, and affordable. It can stabilize costs and be deployed locally, empowering communities rather than concentrating power. It is a peace, development, and justice solution. It’s high time we transition to reliable, affordable renewable energy.”
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'Corruption Gala': Paramount CEO Hosting Honorary Dinner for Trump While Trying to Ram Through Megamerger
"If approved, this merger would give one family control over CBS, CNN, and TikTok—and the Ellisons have already promised President Trump that they would make sweeping changes to CNN."
Apr 21, 2026
A coalition of progressive organizations is organizing a protest against what they describe as a "corruption gala" being held by Paramount Skydance CEO David Ellison in honor of President Donald Trump.
According to a report published last week by Breaker Media, Ellison is planning to hold on "intimate gathering" this Thursday with the purpose of "honoring the Trump White House and CBS White House correspondents."
Ellison, who took over CBS in 2025 as part of the merger between Paramount and Skydance, is seeking approval for a $110 billion megamerger with Warner Bros. Discovery that would also give him control over CNN and has drawn opposition from antitrust advocates and Hollywood bigwigs.
In response to this event, seven progressive organizations—MoveOn, Common Cause, Committee for the First Amendment, Public Citizen, Free Press, Our Revolution, and Democracy Defenders Action—are planning demonstrations on April 23 outside the headquarters of the US Institute of Peace.
The groups said in a statement announcing the protest that Ellison's decision to honor Trump at an exclusive dinner is a "blatant conflict of interest" given that he is relying on the president's administration to sign off on the Warner Bros. Discovery deal.
In addition to protesting Ellison's dinner for Trump, the groups expressed opposition to further consolidation of the US media.
"The [Paramount-Warner Bros.] deal would further consolidate an already concentrated media landscape, narrowing the diversity of TV news and reducing the number of major US film studios to just four," they said. "If approved, this merger would give one family control over CBS, CNN, and TikTok—and the Ellisons have already promised President Trump that they would make sweeping changes to CNN."
Actor Mark Ruffalo announced in a Sunday social media post that he would be joining the demonstration against Ellison's Trump-honoring dinner, and he encouraged his followers to join him.
The Ellison dinner honoring Trump comes as many longtime journalists have been demanding the White House Correspondents' Association significantly change or even cancel its annual dinner that is set to feature Trump as a speaker on Saturday.
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'Shame!': Germany, Italy Block Effort to Suspend EU-Israel Trade Pact Over Gaza Genocide, West Bank Attacks
“The European Union can no longer remain on the sidelines,” said three foreign ministers who called for a suspension of the deal.
Apr 21, 2026
Calls have steadily intensified in recent weeks for the European Union to suspend a trade agreement with Israel as the country's right-wing government has ignored growing condemnation over its anti-Palestinian policies and its assaults on Gaza, the West Bank, and Lebanon—but on Tuesday, German and Italian officials blocked an effort to pause the trade deal, with Germany's foreign minister saying the move would be "inappropriate."
The foreign minister, Johann Wadephul, suggested that world governments have not yet appealed enough to Israel in an attempt to stop it from attacking civilian infrastructure in Lebanon and Gaza; backing settlers who wage violence on Palestinians as Prime Minister Benjamin Netanyahu's government seeks to illegally annex the territory; and passing a death penalty law that makes death by hanging the default punishment for Palestinians convicted of killing Israelis.
“We have to talk with Israel about the critical issues,” Wadephul said at a meeting of EU foreign ministers in Luxembourg, which was called by his counterparts from Ireland, Slovenia, and Spain. “That has to be done in a critical, constructive dialogue with Israel.”
Italian Foreign Minister Antonio Tajani added that "no decision will be taken today" and said that "other possible initiatives will be discussed at the next ministerial meeting on May 11."
The Irish, Spanish, and Slovenian officials wrote to EU foreign affairs chief Kaja Kallas last week, saying that Israel has breached Article 2 of the EU-Israel Association Agreement, which stipulates that "relations between the parties, as well as all the provisions of the agreement itself, shall be based on respect for human rights and democratic principles."
A European Commission review last year found "indications" that Israel is breaching its human rights obligations under the 1995 agreement.
The death penalty law, said the foreign ministers, is a "grave violation of fundamental human rights," while settlers and Israel Defense Forces soldiers act "with absolute impunity" in the West Bank.
“The European Union can no longer remain on the sidelines,” they said.
Ahead of Tuesday's meeting in Luxembourg, Spanish Foreign Minister Jose Manuel Albares called on every European country "to uphold what the International Court of Justice and the UN say on human rights and the defense of international law" and that failing to do so regarding Israel "would be a defeat for the European Union."
Irish Foreign Minister Helen McEntee called on the EU to "move in unison" to pressure Israel to meet its human rights obligations. Suspending the trade agreement requires unanimous support from the bloc's 27 member countries.
McEntee said that she was urging "all of our colleagues today to support our call for the suspension of the overall agreement but, at the very least, if we can't reach that full agreement, that we would have suspension of the overall trade elements of it."
"Where the EU moves together, we have a greater impact."
📽️Watch Minister @HMcEntee's remarks ahead of the Foreign Affairs Council in Luxembourg. pic.twitter.com/c5w9S4qdQp
— Ireland In The EU (@IrelandInEU) April 21, 2026
But Germany and Italy's refusal to back the suspension of the agreement, said Irish author Andrew Madden, suggested "a preference for the ongoing slaughter of innocent people" over angering Israel.
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