the biggest fossil fuels the world’s corporations owe at least $209 billion in annual climate reparations to the communities that have borne the brunt of the calamities caused by the climate crisisa new study concluded.
Although substantial, researchers consider theirs to be a conservative estimated pricebecause he did not put a price on the loss of life or income, the additional welfare considerations or the extinction of species and other types of biodiversity depletion not reflected in gross domestic product calculations, The Guardian reported.
The study says the top 21 polluters collectively caused $5.4 trillion in the sea level rises, drought, Forest fires, glacial melt and other climate-related disasters. They understand ExxonMobil, Chevron, Shell, PBTotalEnergies and the state of Saudi Arabia fuel companySaudi Arabia.
“of human origin climate change has long been recognized as an essentially ethical problem that threatens humanity and ravages the planet. While the history of the Global North carbon emissions have exceeded their fair share of the planetary boundary by about 92%, the impacts of climate degradation fall (disproportionately) on the global South, which is responsible for an insignificant share – Africa, the Asia and Latin America contribute only 8% – of excess emissions,” the authors wrote in their analysis.
The research is the first time the economic burden of companies that have made exorbitant profits from climate-damaging fossil fuels has been assessed.
The article, “Time to Pay the Piper: Fossil Fuel Company Reparations for Climate Damage,” was published in the journal A land.
The researchers said the fossil fuel companies’ history of misinformation and climate denial has hampered global efforts to alleviate the climate crisis and that they have a “moral responsibility” to fix the climate. damage that they caused with their legacy of fossil fuels and greenhouse gas emissionsreported Climate Change News.
The argument presented by the document calls on fossil fuel companies to use some of the “contaminated wealth” they have accumulated to compensate those who have suffered the most, The Guardian reported.
“Fossil fuel companies have a moral responsibility to parties affected by climate damage and have a duty to repair that damage. Moral theory and common sense – as well as international environmental agreements through the principle of polluter-pays embodied in Article 16 of the 1992 Rio Declaration, which calls for the ‘internalization of environmental costs’ – requiring historical wrongdoings to be rectified,” the authors wrote. in the study.
The authors used the Carbon Majors Database as a platform for their study. The database tracks emissions from oil and gas companies since 1988, when the Intergovernmental Panel on Climate Change (IPCC) was established. After the founding of the IPCC, claims of scientific uncertainty about the climate crisis no longer held water.
“As increasingly devastating storms, floods and sea level rise bring misery to millions of people every day, questions about reparations have come to the fore,” said Harjeet Singh, head of global policy strategy at Climate Action Network International, a group of nearly 2,000 people. civil society groups in 130 countries, as reported by The Guardian. “This new report puts the numbers on the table – polluters can no longer hide from their crimes against humanity and nature.”
The economic damages of the climate crisis worldwide from 2025 to 2050 are projected to amount to approximately $99 trillion. More than 700 climate economists said emissions from fossil fuels accounted for $69.6 trillion of that amount.
According to the study, approximately one-third of these projected climate costs can be attributed to governments, one-third to the fossil fuel industry globally and one-third to consumers, meaning that the fossil fuel industry is responsible for at least $893 billion a year, or $23.2. total of trillions, for the next quarter century.
About 50% of global warming to date has occurred since 1988, when James Hansen, a NASA scientist, testified before the US Senate on humanity’s role in climate change.
It is widely accepted that the richest 1% of the world’s population is responsible for double the greenhouse gas emissions of the poorest half of the world, which suffers the lion’s share of climate damage.
According to the study, if the biggest fossil fuel companies were to pay for reparations, Saudi Aramco, which produced the most emissions of any state-owned company, would owe $43 billion a year, just over a quarter of its profits from last year. ExxonMobil, which made $56 billion in profits last year, would owe $18 billion a year. BP and Shell, which earned $68 billion combined in 2022, are expected to pay $30.8 billion each year.
Four companies in low-income countries have been exempted and the liability of six fossil fuel companies in middle-income countries has been halved under the moral reasoning that this would allow them to pay more taxes in order to help other forward-thinking ways.
“The proposed framework for quantifying and allocating reparations to major carbon fuel producers is grounded in moral theory and provides a starting point for discussion of the financial obligation owed by the fossil fuel industry to climate victims,” said said Marco Grasso, professor at the University of Milano-Bicocca, co-author of the study, as reported by The Guardian.
Erika Lennon, senior counsel with the energy and climate program at the Center for International Environmental Law, said the framework could also be useful for courts to assign liability for such climate damage and assess damages.
“It is clear that oil and gas companies must pay reparations for the damage caused by their fossil fuels. Not only has their dirty energy destroyed the climate, but they have (in many cases) spent millions of dollars on lobbying and disinformation to prevent climate action,” said Mohamed Adow, director of Power Shift Africa, a group climate and energy think tank based in Kenya. , as reported by The Guardian.