Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Study shows Fossil fuel firms owe climate reparations of $209bn a year

by admineconai May 20, 2023
written by admineconai May 20, 2023
695

A new study has found that the world’s top fossil fuel companies owe at least $209bn in annual climate reparations to compensate communities most damaged by their polluting business and decades of lies.

According to the study which was published in the journal One Earth, BP, Shell, ExxonMobil, Total, Saudi Arabia’s state oil company and Chevron are among the largest 21 polluters responsible for $5.4tn (£4.3tn) in drought, wildfires, sea level rise and melting glaciers among other climate catastrophes expected between 2025 and 2050.

This is said to be the first time that researchers have quantified the economic burden caused by individual companies that have extracted – and continue to extract – wealth from planet heating fossil fuels.

Amid growing debate about who should bear the economic cost of the climate crisis, the paper, titled Time to Pay the Piper, presents a moral case for the carbon corporations most responsible for the climate breakdown to use some of their “tainted wealth” to compensate victims.

The study considers this to be a substantial yet conservative price tag, as the methodology excludes the economic value of lost lives and livelihoods, species extinction and other biodiversity loss, as well as other wellbeing components not captured in GDP.

Read also: NGOs say developing country voices will be excluded at UN plastic talks

“This is only the tip of the iceberg of long-term climate damages, mitigation, and adaptation costs,” said co-author Richard Heede, co-founder and director of Climate Accountability Institute.

According to reports, the study builds on the carbon majors database, which records the emissions of individual oil, gas and coal companies since 1988 – the year the Intergovernmental Panel on Climate Change (IPCC) was established and industry claims of scientific uncertainty about the climate crisis became untenable.

The creation of an evidence-based “polluter pays” price tag has been welcomed as an important step towards achieving climate justice for communities and countries which have contributed the least, but are losing the most as the climate breaks down.

“As increasingly devastating storms, floods and sea level rise bring misery to millions of people every day, questions around reparations have come to the fore,” said Harjeet Singh, head of global political strategy at Climate Action Network International, a group of almost 2,000 civil society groups across 130 countries.

Story was adapted from the Guardian.

$209bnClimate changeFirmsFossil fuelYearly
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
NGOs say developing country voices will be excluded at UN plastic talks
next post
Research shows weight of skyscrapers sinking New York City

Related Posts

Former French PM urges China, Europe to unite...

October 22, 2025

WHO unveils an ambitious blueprint for action on...

October 20, 2025

New report shows nearly 900 million poor people...

October 20, 2025

New study shows overheating world will add 57...

October 16, 2025

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World