Thread by @LossandDamage

1/9.📜NEW PAPER: "Time to pay the piper: Fossil fuel companies’ reparations for #ClimateDamages" from Marco Grasso and @rickheede gives clear guidance on the billions of $$$'s #FossilFuel companies should pay into the #LossAndDamage Fund each year.

🔗cell.com/one-earth/full…

2/9. Our key take always include:

The report finds that the #FossilFuelIndustry will be responsible for $23.2 trillion (USD) of economic #LossAndDamage (to GDP) between 2025–2050 under a 3°C warming scenario.

3/9. This is important because the report demonstrates that it’s possible to attribute #LossAndDamage costs, and the responsibility for redress, to specific #CarbonMajors .

4/9. The top 5 #FossilFuel companies that should pay the most (USD billion) into the #LossAndDamage Fund each year are:
1⃣@aramco = $42.7
2⃣@exxonmobil = $18.4
3⃣@Shell = $16.3
4⃣@bp_plc = $14.5
5⃣@Chevron = $12.8

💰Total = $104.7 USD billion per year.

5/9. This means that these top 5 #FossilFuel companies alone would cover 1 quarter of the $400 billion required each year to address #LossAndDamage (based on mid point averages for #LossAndDamage in the 2020s).

🔗See here: lossanddamagecollaboration.org/publication/th…

6/9. The largest twenty-one #FossilFuel companies analysed would disburse $5,444 billion to the #LossAndDamage Fund over the period 2025–2050. This would see $217.79 billon dollars a year sent to the #LossAndDamage Fund — over half of the $400 billon required each year.

7/9. The remaining $182.24 could then be made up through Developed country contributions and alternative sources of finance that are new, fair and redistributive, #PolluterPays, predictable, and public-based. E.g. a #FrequentFlyerLevy, a #WealthTax, and more! 👇

8/9. Whilst this shows that much of the $400 billion needed each year (throughout the 2020s) can come from alternative sources of finance like these from the #FossilFuel companies, the countries most responsible for the #ClimateCrisis must still pay their fair share.

9/9. 📜Read the full report here: cell.com/one-earth/full…

📰@guardian article here: theguardian.com/environment/20…

🧵 from @eribears:

https://twitter.com/eribears/status/1659583470656540673

🧵from @Greenpeace:

https://twitter.com/Greenpeace/status/1659591229246681090