{"id":67709,"date":"2024-11-18T10:09:20","date_gmt":"2024-11-18T15:09:20","guid":{"rendered":"https:\/\/www.greenpeace.org\/canada\/?p=67709"},"modified":"2024-11-18T10:09:28","modified_gmt":"2024-11-18T15:09:28","slug":"taxing-big-oil-would-grow-un-climate-loss-and-damage-fund-by-more-than-2000-analysis-finds","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/canada\/en\/press-release\/67709\/taxing-big-oil-would-grow-un-climate-loss-and-damage-fund-by-more-than-2000-analysis-finds\/","title":{"rendered":"Taxing Big Oil would grow UN climate loss and damage fund by more than 2000%, analysis finds"},"content":{"rendered":"\n<p>Baku, Azerbaijan \u2013 A small tax on just seven of the world\u2019s biggest oil and gas companies could grow the UN Fund for Responding to Loss and Damage by more than 2000% and help address the costs of extreme weather events, according to\u00a0<a href=\"https:\/\/www.greenpeace.org\/international\/paying-the-price\" target=\"_blank\" rel=\"noreferrer noopener\">new analysis<\/a>\u00a0published today by Greenpeace International and Stamp Out Poverty. The organisations are calling for a long term tax on fossil fuel extraction, with year-on-year increases, combined with taxes on excess profits and other levies.[1][2]<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Taxing ExxonMobil\u2019s 2023 extraction could pay for half the cost of Hurricane Beryl<\/li>\n\n\n\n<li>Taxing Shell\u2019s 2023 extraction could cover much of Typhoon Carina\u2019s damages\u00a0<\/li>\n\n\n\n<li>Taxing TotalEnergies\u2019 2023 extraction could cover over 30 times Kenya\u2019s 2024 floods<\/li>\n<\/ul>\n\n<p>\u201cWhile oil and gas giants keep raking in grotesque levels of profit from exploiting resources, the damages resulting from the industry\u2019s operations are disproportionately borne by people who did not cause the crisis,\u201d&nbsp;<strong>said David Hillman, Director of Stamp Out Poverty<\/strong>. \u201cA climate damages tax \u2013 along with other levies on fossil fuels and high-emitting sectors \u2013 will make polluters pay for the cost of climate impacts, as well as supporting workers and affected communities in the transition to clean energy, jobs, and transport.\u201d<\/p>\n\n<p>The organisations highlight the financial costs of some of this year\u2019s worst weather events that have been attributed to climate change. These include Hurricane Beryl, Hurricane Helene, the heatwaves in India in May, Typhoon Carina\/Gaemi, the floods in Brazil in May, and the floods in Kenya and Tanzania in April.[4] The analysis finds these extreme weather events alone cost a total of US$64.6bn, ranging from US$2.9bn (Typhoon Carina) to US$ 25bn (heatwaves in India).<\/p>\n\n<p>These costs, which are just a fraction of the total damage caused by extreme weather globally, illustrate the scale of harm done by dirty energy companies. The analysis also shows the potential to raise revenue through imposing a Climate Damages Tax (CDT) starting in the first year at US$5 per tonne of CO\u2082-equivalent emitted by the oil and gas the companies extract.[4] Together, the seven oil and gas companies featured in the report \u2013 ExxonMobil, Shell, Chevron, TotalEnergies, BP, Equinor and ENI \u2013 earned almost US$150 billion last year.&nbsp;<\/p>\n\n<p>Increasing the CDT tax rate by US$5 per tonne per year plus inflation would generate hundreds of billions of dollars by the end of the decade, the analysis shows.<\/p>\n\n<p>A Climate Damages Tax imposed across wealthy OECD countries could play an essential role in financing climate action. Increasing annually by US$5 per tonne of CO2-equivalent based on the volumes of oil and gas extracted, the tax could raise an estimated US$900 billion by 2030 to support governments and communities around the world as they face growing climate impacts \u2013 particularly the poorest and most vulnerable.[5]&nbsp;<\/p>\n\n<p>\u201cWho should pay? This is fundamentally an issue of climate justice and it is time to shift the financial burden for the climate crisis from its victims to the polluters behind it,\u201d&nbsp;<strong>said Abdoulaye Diallo, Co-Head of Greenpeace International\u2019s Stop Drilling Start Paying campaign<\/strong>. \u201cOur analysis lays bare the scale of the challenge posed by climate loss and damage and the urgent need for innovative solutions to raise the funds to meet it. We call on governments worldwide to adopt the Climate Damages Tax and other mechanisms to extract revenue from the oil and gas industry.\u201d&nbsp;<\/p>\n\n<p>The call to make climate polluters pay comes at the conclusion of\u00a0<a href=\"https:\/\/www.greenpeace.org\/international\/story\/71308\/flood-storm-debris-big-oil-gas-global-climate-justice-protests\/\" target=\"_blank\" rel=\"noreferrer noopener\">two weeks of protests<\/a>\u00a0that delivered to offices of TotalEnergies, Eni, Equinor and OMV containers of broken toys, furniture, appliances, and other remnants of personal and communal tragedy, shipped from flood- and storm-affected areas around the world by the Greenpeace network.\u00a0<a href=\"https:\/\/www.greenpeace.org\/international\/story\/71308\/flood-storm-debris-big-oil-gas-global-climate-justice-protests\/\" target=\"_blank\" rel=\"noreferrer noopener\">Protests by Greenpeace groups and survivors of extreme weather<\/a>\u00a0took place in Austria, Belgium, France, Italy, Norway, the Philippines, Romania, South Africa, and Spain.\u00a0<\/p>\n\n<p>ENDS&nbsp;<\/p>\n\n<p><strong>Photos and videos<\/strong>\u00a0of the weather events featured in the analysis are available from the\u00a0<a href=\"https:\/\/media.greenpeace.org\/Detail\/27MZIFJV2QGCB\" target=\"_blank\" rel=\"noreferrer noopener\">Greenpeace Media Library.<\/a>\u00a0<\/p>\n\n<p><strong>Notes:<\/strong><\/p>\n\n<p>[1] The Loss and Damage Fund was announced at COP27 in Egypt to help developing countries compensate for impacts of natural disasters caused by climate change. Recently renamed the Fund for Responding to Loss and Damage (FRLD), it currently has\u00a0<a href=\"https:\/\/unfccc.int\/process-and-meetings\/bodies\/funds-and-financial-entities\/pledges-to-the-fund-for-responding-to-loss-and-damage\" target=\"_blank\" rel=\"noreferrer noopener\">US$702 million<\/a>\u00a0in pledged funds. According to Greenpeace International and Stamp Out Poverty\u2019s calculations, a\u00a0<a href=\"https:\/\/www.greenpeace.org.uk\/news\/taxing-fossil-fuel-giants-could-raise-720-bn-by-2030-to-help-worlds-poorest-with-climate-damages-new-report-finds\/\" target=\"_blank\" rel=\"noreferrer noopener\">Climate Damages Tax<\/a>\u00a0levied on seven major international oil and gas companies would add in the first year alone US$15.02 billion, corresponding to over 21 times what is currently pledged to the fund.\u00a0<\/p>\n\n<p>[2]\u00a0<a href=\"https:\/\/www.greenpeace.org\/international\/paying-the-price\" target=\"_blank\" rel=\"noreferrer noopener\">Paying the price: The economic impacts of seven extreme weather events in 2024 make the case for why climate polluters should pay<\/a><\/p>\n\n<p>[3] The estimated Climate Damages Tax payable by the seven largest oil and gas companies based on 2023 emissions data is as follows:<\/p>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Oil &amp; gas company<\/strong><\/th><th><strong>2023 adjusted earnings(in US$ billions)<\/strong><\/th><th><strong>Total estimated 2023 Scope 1-3 emissions (Mt CO2e)<\/strong><\/th><th><strong>Estimated Climate Damages Tax payable on 2023 emissions at US$5 per tonne CO2e&nbsp;(in US$ billions)<\/strong><\/th><\/tr><\/thead><tbody><tr><td>ExxonMobil<\/td><td>38.6&nbsp;<\/td><td>637.57<\/td><td>3.19&nbsp;<\/td><\/tr><tr><td>Shell<\/td><td>28.3&nbsp;<\/td><td>460.17<\/td><td>2.30&nbsp;<\/td><\/tr><tr><td>Chevron<\/td><td>24.7&nbsp;<\/td><td>507.24<\/td><td>2.54&nbsp;<\/td><\/tr><tr><td>TotalEnergies&nbsp;<\/td><td>23.2&nbsp;<\/td><td>411.92<\/td><td>2.06&nbsp;<\/td><\/tr><tr><td>BP<\/td><td>13.8&nbsp;<\/td><td>375.30<\/td><td>1.88&nbsp;<\/td><\/tr><tr><td>Equinor&nbsp;<\/td><td>10.4&nbsp;<\/td><td>343.31<\/td><td>1.72&nbsp;<\/td><\/tr><tr><td>ENI<\/td><td>9.2&nbsp;<\/td><td>267.74&nbsp;<\/td><td>1.34&nbsp;<\/td><\/tr><\/tbody><tfoot><tr><td><strong>Totals<\/strong><\/td><td><strong>148.20&nbsp;<\/strong><\/td><td><strong>3,003.24<\/strong><\/td><td><strong>15.02&nbsp;<\/strong><\/td><\/tr><\/tfoot><\/table><\/figure>\n\n<p>[4]\u00a0<a href=\"https:\/\/www.worldweatherattribution.org\/climate-change-key-driver-of-catastrophic-impacts-of-hurricane-helene-that-devastated-both-coastal-and-inland-communities\/\" target=\"_blank\" rel=\"noreferrer noopener\">Hurricane Helene | WWA<\/a>;\u00a0<a href=\"https:\/\/www.worldweatherattribution.org\/climate-change-increased-typhoon-gaemis-wind-speeds-and-rainfall\/\" target=\"_blank\" rel=\"noreferrer noopener\">Typhoon Gaemi | WWA<\/a>;\u00a0<a href=\"https:\/\/www.worldweatherattribution.org\/climate-change-made-the-floods-in-southern-brazil-twice-as-likely\/\" target=\"_blank\" rel=\"noreferrer noopener\">Brazil floods | WWA<\/a>;\u00a0<a href=\"https:\/\/www.worldweatherattribution.org\/climate-change-made-the-deadly-heatwaves-that-hit-millions-of-highly-vulnerable-people-across-asia-more-frequent-and-extreme\/\" target=\"_blank\" rel=\"noreferrer noopener\">India\u2019s heatwave | WWA<\/a>;\u00a0<a href=\"https:\/\/www.worldweatherattribution.org\/urban-planning-at-the-heart-of-increasingly-severe-east-african-flood-impacts-in-a-warming-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kenya floods | WWA<\/a>;\u00a0<a href=\"https:\/\/www.climatecentral.org\/report\/hurricane-beryl\" target=\"_blank\" rel=\"noreferrer noopener\">Hurricane Beryl | Climate Central<\/a><\/p>\n\n<p>[5] A\u00a0<a href=\"https:\/\/www.greenpeace.org.uk\/news\/taxing-fossil-fuel-giants-could-raise-720-bn-by-2030-to-help-worlds-poorest-with-climate-damages-new-report-finds\/\" target=\"_blank\" rel=\"noreferrer noopener\">Climate Damages Tax<\/a>\u00a0is a fossil fuel extraction charge applied to the carbon dioxide equivalent (CO2-equivalent) emissions of each tonne of coal, barrel of oil or cubic metre of gas produced. The proposal, supported by over 100 environmental NGOs, advocates taxing \u2013 at an annually increasing rate \u2013 fossil fuel giants that have been central to driving the climate crisis, including ExxonMobil, Shell, TotalEnergies, BP, Chevron, Equinor, and Eni, whose 2023 earnings totalled US$148.2 billion.\u00a0<\/p>\n\n<p>[6]\u00a0<a href=\"http:\/\/www.stampoutpoverty.org\/live2019\/wp-content\/uploads\/2024\/04\/CDT_guide_2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">The Climate Damages Tax: A guide to what it is and how it works, Stamp Out Poverty<\/a>, 2024, p. 7.\u00a0<\/p>\n\n<p><strong>Contacts:<\/strong><\/p>\n\n<p>Laura Bergamo, Communications Campaigner, Greenpeace Canada <a href=\"mailto:laurabergamo@greenpeace.org\" target=\"_blank\" rel=\"noreferrer noopener\">laurabergamo@greenpeace.org<\/a>; +1 438 928-5237<\/p>\n\n<p>Tal Harris, Global Media Lead \u2013 Stop Drilling Start Paying campaign, Greenpeace International, +41-782530550,\u00a0<a href=\"mailto:tharris@greenpeace.org\" target=\"_blank\" rel=\"noreferrer noopener\">tharris@greenpeace.org<\/a><\/p>\n\n<p>Greenpeace International Press Desk, +31 (0) 20 718 2470 (available 24 hours),\u00a0<a href=\"mailto:pressdesk.int@greenpeace.org\" target=\"_blank\" rel=\"noreferrer noopener\">pressdesk.int@greenpeace.org<\/a><\/p>\n\n<p>Follow\u00a0<a href=\"https:\/\/twitter.com\/Greenpeacepress\" target=\"_blank\" rel=\"noreferrer noopener\">@greenpeacepress<\/a>\u00a0on X\/Twitter for our latest international press releases<\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A small tax on just seven of the world\u2019s biggest oil and gas companies could grow the UN Fund for Responding to Loss and Damage by more than 2000% and help address the costs of extreme weather events, according to\u00a0new analysis\u00a0published today by Greenpeace International and Stamp Out Poverty. The organisations are calling for a long term tax on fossil fuel extraction, with year-on-year increases, combined with taxes on excess profits and other levies.<\/p>\n","protected":false},"author":77,"featured_media":67712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"p4_og_title":"Taxing Big Oil would grow UN climate loss and damage fund by more than 2000%, analysis finds","p4_og_description":"A small tax on just seven of the world\u2019s biggest oil and gas companies could grow the UN Fund for Responding to Loss and Damage by more than 2000% and help address the costs of extreme weather events, according to\u00a0new analysis\u00a0published today by Greenpeace International and Stamp Out Poverty. The organisations are calling for a long term tax on fossil fuel extraction, with year-on-year increases, combined with taxes on excess profits and other levies.","p4_og_image":"https:\/\/www.greenpeace.org\/static\/planet4-canada-stateless\/2024\/11\/441ce3b5-gp0su0rla.jpg","p4_og_image_id":"67712","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[4,125,5],"tags":[23,32,160],"p4-page-type":[14],"class_list":["post-67709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","category-equality","category-our-work","tag-climate","tag-oil","tag-fossil-fuels","p4-page-type-press-release"],"_links":{"self":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts\/67709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/comments?post=67709"}],"version-history":[{"count":3,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts\/67709\/revisions"}],"predecessor-version":[{"id":67715,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/posts\/67709\/revisions\/67715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/media\/67712"}],"wp:attachment":[{"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/media?parent=67709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/categories?post=67709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/tags?post=67709"},{"taxonomy":"p4-page-type","embeddable":true,"href":"https:\/\/www.greenpeace.org\/canada\/en\/wp-json\/wp\/v2\/p4-page-type?post=67709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}