The world’s biggest companies have caused $28 trillion in climate damage, a new study estimates

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The Chevron Richmond Refinery in this view from Point Richmond, Calif., Tuesday, Oct. 24, 2023. (AP Photo/Eric Risberg, File)

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Protesters shout slogans as they cross the Brooklyn Bridge during a Youth Climate Strike march to demand an end to the era of fossil fuels, Friday, Sept. 20, 2024, in New York. (AP Photo/Andres Kudacki, File)

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Saudi Aramco engineers walk in front of a gas turbine generator at Khurais oil field during a tour for journalists, outside of Riyadh, Saudi Arabia on June 28, 2021. (AP Photo/Amr Nabil, File)

The world’s biggest corporations have caused $28 trillion in climate damage, a new study estimates as part of an effort to make it easier for people and governments to hold companies financially accountable, like the tobacco giants have been.

A Dartmouth College research team came up with the estimated pollution caused by 111 companies, with more than half of the total dollar figure coming from 10 fossil fuel providers: Saudi Aramco, Gazprom, Chevron, ExxonMobil, BP, Shell, National Iranian Oil Co., Pemex, Coal India and the British Coal Corporation.

For comparison, $28 trillion is a shade less than the sum of all goods and services produced in the United States last year.

At the top of the list, Saudi Aramco and Gazprom have each caused a bit more than $2 trillion in heat damage over the decades, the team calculated in a study published in Wednesday’s journal Nature. The researchers figured that every 1% of greenhouse gas put into the atmosphere since 1990 has caused $502 billion in damage from heat alone, which doesn’t include the costs incurred by other extreme weather such as hurricanes, droughts and floods.

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