Oil and gas giants caused €25 trillion in climate damage, study says

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🗞️ Driving the news: A new study from Dartmouth College estimates that 111 major carbon-emitting companies have caused $28 trillion (€25 trillion) in climate damage, with half of the total attributed to just 10 fossil fuel giants, including Saudi Aramco, Gazprom, Chevron, ExxonMobil, and Shell
• The findings aim to support legal efforts to hold corporations financially accountable for their contributions to global warming

🔭 The context: The effort mirrors historic litigation against the tobacco industry by seeking to establish direct causal links between corporate emissions and economic damages from climate impacts
• Using over 1,000 computer simulations, the researchers traced historical emissions from companies dating back 137 years, showing how individual firms measurably contributed to global temperature rise and related economic harm

🌍 Why it matters for the planet: This scientific breakthrough strengthens the basis for climate liability lawsuits and could accelerate financial accountability for major polluters
By quantifying corporate contributions to climate change, the study provides a new tool for policymakers, litigators, and civil society to push for emissions reductions, compensation, and stronger regulatory action
However, the figures likely underestimate total damages by excluding non-heat-related climate impacts

⏭️ What's next: Climate litigation is expected to intensify, with plaintiffs using this robust attribution science to strengthen their cases
• While no major lawsuit against fossil fuel companies has succeeded yet, mounting evidence could shift legal outcomes in the near future
• Increased scientific collaboration across groups like World Weather Attribution is also anticipated, refining methods and expanding the scope of corporate accountability

💬 One quote: “We have now reached a point in the climate crisis where the total damages are so immense that the contributions of a single company's product can amount to tens of billions of dollars a year,” — Chris Field, Stanford University climate scientist

📈 One stat: Each 1% of greenhouse gas emissions since 1990 has caused approximately $502 billion (€441 billion) in heat-related economic damages alone, according to the study

See on illuminem's Data Hub™ the sustainability performance of Saudi Aramco and its peers Chevron, Shell, and BP

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