‘Cost of Delay’ shines a light on how oil companies could comfortably compensate developing countries for the damage their products cause
A half-year’s profits by six of the biggest fossil fuel companies would cover the cost of climate-related disasters in developing countries, with billions to spare, a new report shows.
Oxfam Ireland is among the 100 organisations behind the report which shows that oil companies could more than pay for the damage their products cause.
It comes a fortnight before the start of the UN climate summit, COP27, where world leaders will come under pressure to set up a permanent ‘loss and damage’ fund.
The fund, first proposed 30 years ago, would provide certainty around financial aid for the countries most affected by extreme weather disasters but which have the least means for recovery.