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European and US oil and gas majors have made profits of more than a quarter of a trillion dollars since Russia invaded Ukraine, according to a new analysis by Global Witness marking two years since the conflict began. After posting record gains in 2022 off the back of soaring energy prices, the big five fossil fuel companies paid shareholders an unprecedented $111 billion in 2023. In the hottest year ever recorded, this figure is some 158 times what was pledged to vulnerable nations at last year’s COP28 climate summit.
