Between 1985 and 2018, partial damages of the combined CO2 emissions from 25 companies – oil and gas carbon majors – is around 20 trillion USD. Over the same time period, their financial gains were about 50% larger – roughly 30 trillion USD.
by Wagamaga
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In 2022 Aramco announced what its CEO called “probably the highest net income ever recorded in the corporate world.”
Supply disruptions resulting from the illegal invasion of Ukraine by Russia – the largest gas supplier to Europe – led to huge spikes in price for gas, which then bled into demand for other fossil fuels, tightening energy markets around the world and pushing up prices for goods across supply chains.
Meanwhile, unprecedented disasters fuelled by climate change made the case for a robust funding mechanism for loss and damage more pressing. The 2022 United Nations’ climate conference saw a breakthrough, with the agreement to establish both a new fund for loss and damage and new funding arrangements.
So, by this logic, they could compensate the countries/societies where they’ve created damage and STILL have made $10 Trillion (with a T!). But, instead they “socialize” the costs and “privatize” the profits.
It’s quite the cirkel we’re in.
Trustfunds like the one’s managing our pensions need growth, while companies need those shareholders to, well hold onto those shares. So must indefinately grow or be left behind. And then we, who want cheap shit in copius amounts from those companies.
1 by 1 they’re all stuck in exploitative systems.