A study by Dartmouth College researchers estimates that extreme heat linked to emissions from 111 fossil fuel companies cost approximately $28 trillion from 1991 to 2020. Published in the journal Nature, the study employs methods to connect emissions to specific climate impacts, aiming to hold companies accountable for the financial consequences of extreme weather, similar to how the tobacco industry was held accountable for lung cancer.
The research indicates that around one-third of these costs, over $9 trillion, are attributed to five major companies: Saudi Aramco ($2.05 trillion), Gazprom ($2 trillion), Chevron ($1.98 trillion), ExxonMobil ($1.91 trillion), and BP ($1.45 trillion). The researchers utilized extensive computer simulations to assess how these emissions contributed to global temperature increases and, subsequently, extreme heat events.
Despite the robust methodologies, some experts, including Friedrique Otto from Imperial College London, caution that the figures may be underestimates due to many variables impacting climate. The study could strengthen the case for climate liability lawsuits, although such cases have struggled to succeed thus far. Aramco, Gazprom, Chevron, ExxonMobil, and BP have not commented on the findings.
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