A new study estimates that the world’s largest corporations have caused $28 trillion in climate damage. This research aims to establish clearer financial accountability for companies, similar to the approach taken with tobacco giants. The Dartmouth College research team calculated the pollution caused by 111 companies, with over half of the total damage attributed to 10 fossil fuel providers, including Saudi Aramco, Gazprom, Chevron, ExxonMobil, BP, Shell, National Iranian Oil Co., Pemex, Coal India, and the British Coal Corporation.
For context, $28 trillion is slightly less than the total value of all goods and services produced in the United States last year. The study, published in the journal Nature, reveals that Saudi Aramco and Gazprom each caused over $2 trillion in heat damage over the decades. Researchers determined that every 1% increase in greenhouse gas emissions since 1990 results in $502 billion in heat-related damage, excluding costs from other extreme weather events like hurricanes, droughts, and floods.
The study seeks to clarify the causal linkages underlying theories of accountability. Using emissions data from the 111 largest carbon-emitting companies, researchers employed 1,000 computer simulations to translate emissions into changes in Earth’s global average surface temperature. For instance, Chevron’s pollution has raised Earth’s temperature by 0.045 degrees Fahrenheit (0.025 degrees Celsius). The study also evaluates how much each company’s pollution contributes to the five hottest days of the year using additional simulations and economic formulas.
This methodology builds on established techniques used by scientists for over a decade to attribute extreme weather events to climate change. The research suggests that scientific evidence now makes it possible to trace harms back to major emitters, potentially strengthening climate liability lawsuits.
— new from AP News