Saudi Aramco, the state-owned company with the largest emissions, would owe $43 billion annually — equivalent to just over a quarter of its 2022 profits.
The creation of an evidence-based “polluter pays” price tag has been welcomed as an important step towards achieving climate justice for communities and countries which have contributed the least but are losing the most as the climate breaks down. The new study reframes the debate on international climate funding by focusing on the financial responsibility of fossil fuel companies for climate harm, which could help move the debate in the loss and damage negotiations forward, according to Margaretha Wewerinke-Singh, associate professor of sustainability law at the University of Amsterdam.
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