Study lays out scientific path to recoup climate costs
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As Boulder, Colorado, and local governments across the U.S. turn to courts to pay for rebuilding after wildfires, floods and other extreme weather events linked to a changing climate, a new study shows it is now possible to pinpoint specific companies that could be held accountable.
Justin Mankin, associate professor of geography at Dartmouth College and study coauthor, said using advanced modeling, his team calculated a price tag for the impacts of extreme heat, just one climate hazard, linked to carbon dioxide and methane emissions from 111 companies over 30 years.
"The world would be $28 trillion more wealthy had those companies found ways to mitigate the extreme heat impacts of those emissions," Mankin reported.
Researchers found 10 fossil-fuel companies - including Chevron, ExxonMobil and Saudi Aramco - were responsible for half of the total losses.
Oil and gas companies have argued in court it was not possible to assign blame to their company's carbon or methane molecules in the atmosphere compared with all the other molecules released. They have also noted oil and gas production has produced numerous public benefits and wealth.
Using emissions data and advanced climate models, Mankin pointed out it is now possible to see what the world would look like if any particular corporation had not produced emissions. He added other industries have not gotten off the hook, including "Big Pharma," just because they produced breakthrough medicines and vaccines.
"That doesn't absolve them for their role in, say, generating the opioid crisis," Mankin contended. "Courts have ruled that they had a role in generating the opioid crisis, and needed to compensate harmed individuals for that."
Hundreds of lawsuits have been filed to hold corporations and trade associations accountable for climate damages. Colorado's Supreme Court has heard oral arguments but has not yet ruled on a case brought by San Miguel County and the city and county of Boulder seeking compensation from ExxonMobil and Suncor Energy.
