Hi John,
While loss and damage is keenly discussed at COP27, we have published research showing that the Big 5 oil companies owe the global south over $8 trillion for climate damage. Join us in calling on the UK government to make polluters pay!
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We examined the historic greenhouse gas emissions of the Big 5 oil companies - Chevron, ExxonMobil, BP, Shell and TotalEnergies - the same five companies which have reported over $170 billion in profits in the last 12 months.
These companies are also responsible for 11% of historic emissions. If we apply that share to the estimated costs of climate chaos to the global south, that means they could be responsible for an $8 trillion climate bill that is instead being footed by the global south.
UK-based BP and Shell are each responsible for roughly $1.5 trillion. We can’t let them keep getting away with this.
Will you sign our petition calling on the UK government to tax fossil fuel corporations to fund loss and damage compensation for the global south?
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Small signs of progress at COP
There have been some signs of positive progress at COP27 so far.
Following the example of Scotland and Denmark, Austria and New Zealand have committed finance to loss and damage during the talks. And the Scottish government, building on its £2 million commitment last year, is providing another £5 million for loss and damage this year.
While not all of this is new money, and the scale is still far less than what is needed, they are important symbolic contributions that will help to build support for an agreement on a loss and damage finance facility.
The reaction from parts of the British press has been predictably outraged at the mention of climate reparations, denying that the UK could have any historic responsibility for climate chaos - despite the principle of 'common but differentiated responsibility' being long-established in the UN climate talks - and scaremongering about who will have to pick up the cost..
Our task is to stress both that countries like Britain are responsible, and that governments need to make polluters pay. As the prime minister of Barbados, Mia Mottley, said on Monday:
"How do these companies make billions in profits in the last three months and not expect to contribute at least 10 cents in every dollar of profit to a loss and damage fund? This is what our people expect."
Will you sign our petition calling on the UK government to tax fossil fuel corporations to fund loss and damage compensation for the global south?
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What’s next?
The key thing we are looking out for this week is for countries to agree to set up a loss and damage compensation fund, to be managed by the UN. There is still a long way to go, but with the Chinese delegation now indicating that they might be willing to contribute to loss and damage, there is hope.
If such a fund is agreed, we will have a fight on our hands to push the government here to make a big contribution to it, based on the UK’s share of historic emissions, and to raise that money through taxation on fossil fuel firms.
It will be a difficult battle but, as our latest research shows, the responsibility of these companies for climate chaos in the global south is now undeniable.
In solidarity,
Daniel Willis (in Sharm al Sheikh)
Climate campaigner, Global Justice Now
PS. Once you’ve signed the petition, can you help us by sharing the graphic above on Facebook, Twitter and Instagram?
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Powerful multinational corporations are continuing to fuel and profit from the climate crisis.
By coming together to challenge them, we can make a difference.
Regular gifts give us the long-term stability to plan effective campaigns, as well as the flexibility to react to key events.
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