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🗓️ 24 April 2025
⏱️ 8 minutes
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Scientists say they have developed a way to measure how much liability individual corporations have for the economic damage caused by climate change. The total cost over decades is calculated at $28 trillion, with 10 fossil fuel companies responsible for more than half of that amount. Plus, we'll read between the lines of the Federal Reserve's Beige Book and hear how a Baltimore community college is rising to meet a hunger for welders.
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0:00.0 | An attempt to figure the costs of climate change down to the Exxon, Shell, or Chevron level. |
0:08.4 | I'm David Brancaccio in Los Angeles. Scientists say they've come up with a way to measure how much liability individual corporations would have for the economic damage caused by climate change. |
0:18.0 | The total cost over decades is calculated at $28 trillion about the size |
0:23.3 | of the U.S. economy, the whole thing, in a year, with researchers saying 10 fossil fuel companies |
0:28.8 | are responsible for more than half of that amount. Marketplace's Nova Safo is here with details. |
0:34.8 | Yeah, interesting new study, David. It comes from a research team at Dartmouth College, published in the journal Nature. |
0:40.4 | Researchers say they've developed a computer modeling technique to figure out how much of the |
0:45.2 | heating up of the Earth's atmosphere of various major corporations are responsible for. |
0:50.0 | Now, they looked at 111 companies, and this is a backwards-looking effort, looking at figures up until 2020. |
0:56.4 | So the numbers are still going up because the Earth's atmosphere continues to warm. |
1:00.9 | Determining responsibility to do what? |
1:03.2 | Sue companies, right? |
1:05.4 | Well, that's one of the studies authors, a very plainly put goal. |
1:09.6 | This is about lawsuits helping courts evaluate liability |
1:12.7 | claims for losses resulting from climate change and weather-related disasters. And that concept |
1:18.8 | is a global phenomenon. Here in the U.S., Vermont last year passed a law trying to hold |
1:23.8 | companies accountable for weather disasters like extreme flooding. We've also seen a |
1:28.2 | farmer lawsuit in Peru, 68 in total around the world, mostly targeting fossil fuel companies, |
1:34.5 | and that's according to one research group that's been keeping track of the lawsuits. And what |
1:38.3 | the studies authors say is that they now have a lot more data to help in determining liability |
1:43.9 | in those lawsuits because we have a historical record of emissions and we now have a robust climate data going back several decades. |
1:51.8 | Put those together and that's how they've come up with this new model. |
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