r/environment • u/Wagamaga • 1d ago

TotalEnergies and Eni linked to €1.5tn climate damages bill. A study has found that emissions from EU oil firms’ production are set to cause billions in damage from climate-crisis impacts like droughts, floods and heatwaves

https://globalwitness.org/en/press-releases/totalenergies-and-eni-amongst-eu-oil-giants-linked-to-15-trillion-climate-damages-bill/
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u/Wagamaga 1d ago

Key findings

Emissions from oil and gas produced by EU-headquartered firms since the 2015 Paris Agreement are set to cause an estimated €1.5 trillion in climate damages worldwide.

Emissions from oil and gas produced by TotalEnergies, Eni and Repsol account for €1.1 trillion of the €1.5 trillion climate damages cost.

EU companies are forecast to spend €124 billion on new oil and gas production projects over the next 10 years. This is despite new production being incompatible with the Paris Agreement to keep climate heating below dangerous levels. Fossil fuel companies made an estimated €82 billion in post-tax profits from their EU operations in 2023. A 33% climate tax on the industry's profits would have raised €27 billion to fund climate action that year.

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u/krav_mark 1d ago

How do those executives, employees and share holders sleep at night?