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.\u00a0<\/p>\n\n
Responding to the findings, Kristin Casper, General Counsel at Greenpeace International, said:<\/strong> \u201cThe 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\u2019s clear that oil, gas, and coal companies \u2013 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 \u2013 must stop drilling and start paying for the damage they\u2019ve caused.\u201d<\/p>\n\n The 21 largest oil, gas and coal companies are \u201cresponsible for $5,444 billion in expected lost GDP over 2025-2050, or $209 billion per year,\u201d based on their share of emissions over 1988-2022, according to the study. [1]<\/p>\n\n \u201cThe study reinforces what communities have been saying for decades. It\u2019s time for corporate polluters to be held morally, legally, and financially accountable for the climate crisis.\u201d added Casper. <\/p>\n\n \u201cThe 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\u2019s powerful findings in their own struggles for justice.\u201d<\/p>\n\n ENDS<\/p>\n\n Notes:<\/strong> Contact:<\/strong>
[1] Grasso, Marco, & Richard Heede (2023) Time to pay the piper: fossil fuel companies’ reparations for climate damages<\/a>, One Earth, vol. 6: online 19 May. <\/p>\n\n
Greenpeace International Press Desk: pressdesk.int@greenpeace.org<\/a>, +31 (0) 20 718 2470 (available 24\/7). <\/p>\n\n