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Greenpeace International article screenshot 
Insurance is no longer working; why should Big Oil pay?
Ian Duff
28 Aug 2024 • 3 min read

Extreme weather events have a hefty price tag. In 2024, they have already cost the world over USD 41 billion in damages according to a recent report. Last year, it was USD 301 billion for weather and climate events. By 2050, climate change could cause an additional 14.5 million deaths and USD 12.5 trillion in losses worldwide.

A key question is: Who pays for all of this? In some cases, governments are stepping in to fill the void, yet this approach puts undue burden on public finances and on taxpayers. At the same time perpetrators of this crisis – the fossil fuel majors responsible for climate chaos because of their polluting business – are left unscathed. This is neither sustainable nor fair.
Greenpeace International article screenshot Insurance is no longer working; why should Big Oil pay? Ian Duff 28 Aug 2024 • 3 min read Extreme weather events have a hefty price tag. In 2024, they have already cost the world over USD 41 billion in damages according to a recent report. Last year, it was USD 301 billion for weather and climate events. By 2050, climate change could cause an additional 14.5 million deaths and USD 12.5 trillion in losses worldwide. A key question is: Who pays for all of this? In some cases, governments are stepping in to fill the void, yet this approach puts undue burden on public finances and on taxpayers. At the same time perpetrators of this crisis – the fossil fuel majors responsible for climate chaos because of their polluting business – are left unscathed. This is neither sustainable nor fair.