Amsterdam, Netherlands – New study by Marco Grasso and Richard Heede published today in One Earth proposes an approach for quantifying and attributing climate reparations to major carbon producers.
Responding to the findings, Kristin Casper, General Counsel at Greenpeace International, said: “The study offers answers to the biggest questions of our time: who should bear the cost of harm caused by climate breakdown and how much is owed? It’s clear that oil, gas, and coal companies – which are generating massive profits while willfully ignoring foreseeable devastating and deadly harms such as sea level rise, drought, wildfires and much more, despite warnings from the scientific community – must stop drilling and start paying for the damage they’ve caused.”
The 21 largest oil, gas and coal companies are “responsible for $5,444 billion in expected lost GDP over 2025-2050, or $209 billion per year,” based on their share of emissions over 1988-2022, according to the study. [1]
“The study reinforces what communities have been saying for decades. It’s time for corporate polluters to be held morally, legally, and financially accountable for the climate crisis.” added Casper.
“The analysis offers a starting point for much needed action to hold fossil fuel companies accountable for their financial responsibilities. Now, communities on the frontline of environmental breakdown can decide how to wield the study’s powerful findings in their own struggles for justice.”
ENDS
Notes:
[1] Grasso, Marco, & Richard Heede (2023) Time to pay the piper: fossil fuel companies’ reparations for climate damages, One Earth, vol. 6: online 19 May.
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