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4d ago

Study Links $28 Trillion in Heat-Related Losses to Fossil Fuel Companies

Groundbreaking research establishes direct causal ties between emissions from 111 firms and decades of extreme heat damages, paving the way for legal accountability.

Ice forms near a row of trees near a set of houses with flooded yards, as seen from the air.
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Overview

  • A new study published in *Nature* attributes $28 trillion in global heat-related economic losses from 1991 to 2020 to emissions from 111 fossil fuel companies.
  • The top five emitters—Saudi Aramco, Gazprom, Chevron, ExxonMobil, and BP—are collectively responsible for $9 trillion of these damages.
  • The research introduces a 'but for' causation framework, using advanced climate modeling to link specific corporate emissions to economic impacts of extreme heat.
  • The study strengthens the scientific basis for climate liability lawsuits, which have yet to succeed, and aligns with state-level efforts like Vermont's 2024 Climate Superfund Act.
  • Experts suggest the findings could reshape legal and policy strategies, though challenges remain in holding major emitters financially accountable.