The $28 Trillion Climate Damage Caused by Top Corporations
A recent study by Dartmouth College has shed light on the immense climate damage caused by the world’s biggest corporations, estimating it to be a staggering $28 trillion. This revelation comes as part of an effort to hold companies more financially accountable for their contributions to global warming, drawing parallels to the accountability measures taken against tobacco giants.
The study focused on 111 companies, with more than half of the climate damage figure attributed to 10 major fossil fuel providers. Saudi Aramco, Gazprom, Chevron, ExxonMobil, BP, Shell, National Iranian Oil Co., Pemex, Coal India, and the British Coal Corporation were identified as the top contributors to this unprecedented environmental impact.
To put it into perspective, the $28 trillion in climate damage is nearly equivalent to the total goods and services produced in the United States in a single year.
Key Findings of the Study
The research team found that Saudi Aramco and Gazprom each accounted for over $2 trillion in heat damage over the years. The study, published in the journal Nature, revealed that every 1% increase in greenhouse gas emissions since 1990 resulted in $502 billion in heat-related damages alone, excluding costs associated with extreme weather events like hurricanes, droughts, and floods.
The authors of the study emphasized the importance of establishing causal linkages to determine accountability for climate change. With an increasing number of climate change lawsuits being filed globally, including a significant portion in the United States, there is a growing need to identify the entities responsible for environmental harm.
Scientific Approach to Attribution
The researchers employed a rigorous methodology to trace the emissions of major carbon-oriented companies back as far as 137 years. By utilizing computer simulations and modeling techniques, they were able to quantify the impact of each company’s pollution on the Earth’s temperature and extreme weather events.
By attributing specific climate hazards and damages to individual emitters, the study debunked the notion of plausible deniability and established a clear link between corporate emissions and environmental harm.
Implications for Climate Accountability
While major companies like Shell, Aramco, Gazprom, Chevron, Exxon Mobil, and BP have yet to respond to the study’s findings, experts in the field have praised the robustness of the research methodology. Climate scientists emphasize the significance of holding corporations accountable for their role in exacerbating climate change and urge for more comprehensive measures to address the environmental impact of corporate activities.
Despite the current legal landscape where climate liability lawsuits against carbon emitters have not yielded successful outcomes, the scientific evidence presented in studies like this one underscores the urgent need for corporate responsibility in mitigating climate damage.
As the world grapples with the escalating climate crisis, the study serves as a wake-up call to the immense environmental and economic costs associated with corporate-driven emissions. Moving forward, greater transparency and accountability will be essential in steering towards a more sustainable future.
