A recent article published in Nature claims that climate liability lawsuits, such as the ones various U.S. states and municipalities continue to pursue, are on rock-solid legal grounds, thanks to the authors’ new research “proving” that the world would be $28 trillion richer today but for carbon emissions from fossil fuels over a 30-year period, 1991 -2020. Ignoring the emissions from developing countries, notably China, which today accounts for one-third of all energy-related greenhouse gas (GHG) emissions, the authors focus instead on oil companies, which they call the “carbon majors” – especially Saudi Aramco, Chevron, ExxonMobil, BP, and Gasprom.
For example, according to the authors Chevron has caused an estimated $2 trillion in damages, and perhaps as much as $3.6 trillion. Exxon Mobil is right behind at $1.9 trillion. Similarly, Saudi Aramco and Gazprom are each responsible for $2 trillion in damages. BP is the laggard, at just under $1.5 trillion in damages. Levying fines of those amounts, which greatly exceed these companies’ market values, would lead to their immediate bankruptcy. While the authors may consider such an outcome a “win,” bankrupting these companies would not change the physical and economic realities that the world depends on fossil fuels and will continue to do so for the foreseeable future. (Moreover, it is not clear who would levy the fines and who would receive the monies received – other than trial lawyers.)
Hellbound and Down 