Two sociologists from the University of Milan-Bicocca (Italy) and the Institute for Climate Responsibility (USA) calculated the amount of money. Mother oil companies pay as compensation For their responsibilities in global warming.
In their study published in the journal one worldMarco Grasso and Richard Heede surveyed hundreds of climate economists to learn and estimate the financial costs associated with global warming. Who should pay for the disasters caused by this situation?
The initiative is based on the fact that numerous studies have confirmed that certain environmental events occurring on the planet are related to climate change resulting from emissions of polluting gases, such as the current heat wave or floods in parts of South Asia. in Myanmar and Bangladesh.
Currently, governments are paying for the restoration of areas damaged by these disasters. and in some cases it is done by the insurance companies for which they take out policies.
But in some cases no one pays and the victims are completely helpless and with the necessity to rebuild their homes as much as they can or move to other places.
Oil companies are responsible
In this study, the researchers recall: Many companies, primarily producing and/or selling fossil fuels, are engaged in activities that generate greenhouse gas emissions.so they must face their share of responsibility and pay for the damages they helped cause.
After averaging the results, the researchers found that: For the period 2025-2050, it is possible to measure the total debt of the industry as a whole as approximately 99 billion dollars.
For example, they discovered: Saudi AramcoRussia, the Saudi Arabian oil company, has to pay about $43 billion each year. gazprom approximately $20 million in compensation, and exxons 18 billion to pay.
According to the study, these three will be the most financially responsible multinational hydrocarbon companies at the source of climate change, but they will follow in this order: Shell (16,3), Blood pressure (14.5) and PetroChina (14,4).
These funds, as the researchers point out, payable to a global account to finance property restoration after environmental disasters and also to finance new ways to reduce or even stop greenhouse gas emissions.
Both sociologists agree. challenges of implementing and managing this payment system, if it existed. But they also point out that as time passes and environmental disasters due to climate change become more frequent and more extreme, new sources of income are needed to pay for the consequences. Billing the most responsible seems like the most logical solution, these researchers suggest.
Reference work: DOI: 10.1016/j.oneear.2023.04.012
…….
Contact address of the environment department: [email protected]
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.