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Sat Nov 18, 2023, 08:01 AM Nov 2023

Oil, gas giants could pay climate damage and still profit: research

by Linnea Pedersen, Nov. 16 2023
Full Article: https://phys.org/news/2023-11-oil-gas-giants-pay-climate.html

The world's top 25 'carbon majors' caused climate damage at a cost of 20 trillion dollars from 1985-2018, but their financial gains were about 50 percent larger during those years.

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If the top 25 oil and gas companies had been held accountable for their role in global warming in recent decades, they would still have made $10 trillion dollars in profit, according to the report published by think tank Climate Analytics.

The estimated damage caused by carbon emissions from the 25 companies cost $20 trillion from 1985 to 2018—but during that time they earned $30 trillion, the report said.

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The COP28 talks will be held during what is widely expected to be the hottest year on record.

"Oil and gas companies are meanwhile unabashedly flaunting their profits, some even walking back on their climate commitments," said report co-author Marina Andrijevic.
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