Ireland cannot afford to fall short twice; missing targets at home while also under-
delivering on the finance that communities in the Global South urgently need to survive
the climate crisis.
As electricity prices rise again, Oxfam Ireland is urging the Government to introduce a windfall tax on excess fossil fuel profits to help fund urgently needed climate support for vulnerable countries, ahead of key UN climate talks in Bonn from June 8–18. Governments are falling 90 percent short of adaptation finance targets, according to new Oxfam research. People in the Global South are battling extreme weather, displacement and food insecurity despite their low emissions - yet the funding they have been promised is not being delivered.
Oxfam Ireland said that exchequer returns from excess fossil fuel profits represent a clear and immediate source of funding to close Ireland’s climate finance gap. With energy companies generating extraordinary windfall gains, taxing these profits could both support households facing rising costs and provide vital funding for communities on the frontline of climate breakdown.
Ireland provided €207.7 million in climate finance in 2024, while it is estimated that the fair share is at least €500 million annually.
With ministers already acknowledging delays in meeting domestic emissions targets, Oxfam Ireland said there is a real risk that climate finance becomes yet another missed climate target, alongside delays in cutting emissions.
“Ireland cannot afford to fall short twice; missing targets at home while also under-delivering on the finance that communities in the Global South urgently need to survive the climate crisis. Ireland’s EU Presidency is a chance to show real leadership by getting back on track at home, but by championing the finance that vulnerable countries urgently need. The Government must apply the polluter pays principle - introducing a windfall tax on excess fossil fuel profits and using those funds to support vulnerable countries facing the worst impacts of a climate crisis they did not create."
— Jim Clarken, Oxfam Ireland CEO
Oxfam Ireland is calling on the Government to ringfence any windfall tax revenues for climate finance, support for vulnerable households, and the clean energy transition. Ireland was an early champion of the Loss and Damage fund, which was welcomed. Recent polling commissioned by Oxfam across seven countries found that 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.
The profits of the six biggest fossil fuel corporations are projected to hit around €80 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.
Oxfam Ireland CEO Jim Clarken added:
“Oxfam Ireland are not proposing additional taxes on the public – this is aimed at polluting companies that have made extraordinary profits due to the fuel crises. It’s time to channel wealth accrued from polluter pays taxes into accessible, participatory climate finance in a way that reaches the communities who need it most.”
Clare Cronin, Head of Communications – Oxfam Ireland clare.cronin@oxfam.org +353 (0)87 195 2551
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.
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.
“Ireland cannot afford to fall short twice; missing targets at home while also under-delivering on the finance that communities in the Global South urgently need to survive the climate crisis. Ireland’s EU Presidency is a chance to show real leadership by getting back on track at home, but by championing the finance that vulnerable countries urgently need. The Government must apply the polluter pays principle - introducing a windfall tax on excess fossil fuel profits and using those funds to support vulnerable countries facing the worst impacts of a climate crisis they did not create."
