Big profits for a few should not stand in the way of a sustainable future for all.

The world is caught in a "toxic triangle" of short-term financial inverters, passive governments and fossil fuel companies. If we don't act now, global temperatures will continue to rise, putting another 400 million people at risk of hunger and drought by 2060.

Fossil fuels account for 80% of the world's greenhouse gas emissions and contribute to climate change, which destroys lives, causes hunger and threatens long-term economic growth. Unless the use of fossil fuels is reduced, the global temperature will rise by between 4 and 6 degrees Celsius in this century alone.

Oxfam's report 'Food, Fossil Fuels and Filthy Finance' shows that the 'toxic triangle' supported $674 billion of investment in fossil fuels in 2012. At a similar rate of development, fossil fuel companies will invest $6 trillion in developing the industry over the next decade. Investment in fossil fuels is backed by tax breaks and government subsidies of an estimated $1.9 trillion per year, money that goes directly to the industry or to pay for dangerous emissions. These subsidies protect continued investment in the industry, despite increased business risks.

Dirty lobbying
The fossil fuel lobby in the US and EU, which spends up to half a million dollars a day to maintain the status quo, keeps the 'toxic triangle' in check. In 2013, the combined profits of the five largest publicly traded oil companies Exxon, Chevron, Shell, BP and ConocoPhilips amounted to $93 billion.

"Fossil fuel companies benefit from the toxic triangle that locks us into continued dependence on fossil fuels. This dependence is not inevitable, but the result of deliberate choices by the industry, our leaders and short-term investors. In essence, it is about generating huge profits for a few, while the rest of the world suffers."

Winnie Byanyima, Executive Director Oxfam International

High costs for governments & companies
Fossil fuel companies and their trade associations spend around €44 million a year lobbying the EU. Next week they will see if their efforts have paid off, as Europe's heads of government decide on the EU's 2030 climate and energy package. Oxfam is calling on Europe's leaders to resist industry influence and take responsibility for climate change by demanding more energy savings and increasing the share of renewable energy - at least 45% of the total energy mix.

According to Oxfam, continued investment in fossil fuels poses major risks to both governments and individual companies. The absence of state regulation will have repercussions as governments are forced to cover the costs of climate change. Individual companies will also be affected. One example is Unilever, which is already reported to be losing €300 million per year due to extreme weather conditions.

Oxfam is now calling on the world's governments to:
- Reduce their harmful emissions by cutting fossil fuel use and increasing the share of renewable energy in the energy mix. Rich countries must lead the way and give developing countries the support they need to follow
-Shift their investments from dirty to renewable energy and energy efficiency
-Work for greater transparency so that fossil fuel companies openly disclose their lobbying activities
-Commit to climate-proofing the global financial system by increasing risk analysis and transparency and providing capital for low-carbon investments

In the private sector, Oxfam is calling on:
- Energy-intensive companies to reorient and broaden their business models to embrace a low-carbon future and become part of the solution
- Investors to shift their investments from fossil fuels to low-carbon energy sources
- Businesses that are themselves severely affected by climate change to work actively to put pressure on governments to adopt ambitious climate targets and challenge those companies and lobbyists who benefit from the status quo.