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Ahead of BP’s profit announcement on Tuesday, August 4, 2026, campaigners from the Make Polluters Pay Coalition inflated a giant oil barrel outside the Houses of Parliament in London, urging governments to back permanent stronger taxes on fossil fuel profits and support strong UN tax talks.

As communities across the world endure record-breaking heatwaves, wildfires and rising living costs, the world’s biggest oil and gas companies have confirmed another blockbuster quarter of profits. The Make Polluters Pay coalition says the timing exposes the true cost of delaying the end of the fossil fuel era, and is calling on governments meeting in New York this month to seize a historic opportunity to make the polluters pay.

As oil giants announce bonanza profits, the Make Polluters Pay coalition inflate a giant oil barrel outside the UK Houses of Parliament calling for a greater taxation of the fossil fuel industry. Photo credit: Andy Aitchison

This summer’s extreme weather has spared no continent. Wildfires are tearing through Spain and France, forcing hundreds of thousands of people from their homes. In the United States, a series of heat domes pushed temperatures past 100°F (38°C), and smoke from hundreds of Canadian wildfires produced some of the world’s worst urban air quality across North America. India endured pre-monsoon temperatures above 48°C earlier this year, while torrential rain left hundreds dead in several countries in Africa since March. 

Scientists estimate that emissions from just five fossil fuel corporations – BP, Chevron, ExxonMobil, Shell and TotalEnergies – were sufficient to cause around one in four of the heatwaves recorded globally between 2000 and 2023. Those same five companies are now announcing another blockbuster quarter of fossil fuel profits. TotalEnergies has reported adjusted net income of $5.4 billion for the second quarter of 2026, Shell profit hit $9.84bn in the three months to June, more than double compared with the same period last year.  Exxon clocked $14.5 billion in profits this quarter; Chevron, $12.1 billion. BP is expected to announce comparable astronomical profits on the 4th of August.

 That’s over $40 billion in profits by just 4 large oil companies, which is more than the entire GDP of over 100 countries, reaped in rewards while the rest of the world is left dealing with climate and energy chaos. The price spikes are driven in large part by volatility in oil prices during the war in Iran.

The results land as governments prepare to resume negotiations on a UN Framework Convention on International Tax Cooperation in New York this month. A mandatory surtax on highly polluting industries is gaining support as part of that process, alongside measures to prevent jurisdiction-shopping and anchor taxing rights in real economic activity. Analysis by the Global Alliance for Tax Justice and partners estimates that aton the profits of the world’s 100 largest oil and gas companies could have generated more than $1 trillion since the Paris Agreement was signed in 2015. The Make Polluters Pay coalition says governments meeting in New York should seize the moment to get behind it.

To mark the moment, campaigners inflated a giant barrel of oil outside the Houses of Parliament in Westminster, London, calling on the UK government to back a permanent stronger  taxex on fossil fuel profits and support a strong outcome at the UN tax talks.

David Hillman, Stamp out Poverty, said: “Big Oil has spent fifty years profiting from pollution while the rest of us pay the price in heatwaves, in wildfires, in energy bills we can barely afford. That’s why we’re bringing a giant oil barrel to the doorstep of Parliament: to make sure politicians can’t look away. Governments have a real chance this month, at the UN tax talks in New York, to finally make the polluters pay. They should take it.”

Anne Jellema, Executive Director of 350.org, said: “From Bordeaux to Phoenix to Mumbai, families are living through the cost of climate delay, while the companies most responsible bank blockbuster bonanzas. That is not a coincidence; it is a business model. Governments meeting in New York this month have a genuine opportunity to change it. Calls are growing across the political spectrum for a proper global profits tax, so the industry that helped cause these disasters pays towards the recovery, the solutions and the protection people need. It’s simple fairness: those who caused the damage and profited from it should pay to fix it.” 

Tyrone Scott, Head of Campaigns, War on Want, said: “While people struggle with soaring bills and communities across the world lose homes, livelihoods and lives to climate disasters, fossil fuel corporations are banking another quarter of enormous profits. This is wealth extracted from people and the planet. The UK Government must stop protecting polluters and start making them pay through permanent taxes on fossil fuel profits, a wealth tax on the super-rich and by backing a strong UN Tax Convention that ends corporate tax avoidance. Those who have profited most from the climate crisis must fund the transition and the repair.”

The Make Polluters Pay coalition is calling on governments worldwide to introduce permanent, higher taxes on oil and gas profits, to fund emergency response, recovery and long-term resilience for communities on the frontline of the crisis, and to back a strong, binding outcome at this month’s UN tax convention talks.