Oil Companies Liable for Trillions in Climate Damage, Study Reveals

amsterdam - A recent Nature study attributes trillions in climate damages to oil and gas companies, including BP and Shell, paving the way for potential legal claims.

Oil Companies Liable for Trillions in Climate Damage, Study Reveals

A study published in Nature has found that oil and gas companies are accountable for trillions of dollars in climate damages from 1991 to 2020. Aramco and Gazprom lead the list of top polluters, with significant financial liabilities.

Key Findings

The study identifies Saudi Aramco as the largest polluter, followed by Gazprom, Chevron, ExxonMobil, BP, and Shell, with damages totaling $28 trillion attributed to 111 fossil energy companies. The calculations focus on the impacts of fossil fuel-induced temperature rise, such as crop losses, reduced labor productivity, and increased heat-related deaths.

Legal Implications

Legal experts may use the study to support climate damage liability claims against the fossil fuel industry. The research establishes a scientific basis for holding companies accountable for their contributions to climate change.

Industry Response

While many oil companies have pledged to reduce CO2 emissions in accordance with the Paris Climate Agreement, past lawsuits have challenged their accountability. Shell, for instance, faced legal action to cut its global CO2 emissions by 45% by 2030, a decision that was later overturned in court.

Future Outlook

The study's implications could impact ongoing climate-related lawsuits, especially in the United States where states like California and Rhode Island have taken legal action against major oil corporations. The evolving legal landscape around climate accountability raises questions about the industry's future responsibilities.