• Fossil Fuel Companies Make Billions in Profit as We Suffer Billions in Losses. World’s biggest fossil fuel companies recently released their 2022 earnings reports, revealing record-breaking profits last year; just five companies–ExxonMobil, Shell, BP, Chevron, and TotalEnergies–reported a total of nearly $200 billion in profits. At the same time, the world is incurring record losses due to extreme weather events.Union of Concerned Scientists  The Equation Posted in: Climate Change, Corporate Accountability Tags: big oil, climate accountability, climate attribution, fossil fuel companies  Thanks to advances in attribution science, we now understand many of these extreme events have been worsened by climate change. The fossil fuel industry plays the dominant role globally in causing climate change and therefore their profits come at the expense of our global health and safety. As the field of attribution science advances, researchers are increasingly able to show when and how particular extreme events are occurring due to human-caused climate change, and to trace these changes back to the source of the heat trapping emissions. As this causal chain is strengthened, it may give people an avenue for seeking compensation for damages, meaning that companies would need to use part of their profits to pay for the share of the damage that can be traced to them.  The profits made by the oil and gas majors come at the direct expense of all of us and our shared planet. These companies continue to extract more fossil fuels from the ground, lobby for their interests, deceive and misinform the public about climate change, and build new infrastructure to lock us into this continual cycle of extraction, combustion, and the dire consequences it brings. They need to be held accountable for these actions.

They profit, we lose..... While these companies are making hundreds of billions of dollars in profit, people around the world are bearing hundreds of billions of dollars each year in losses due to the devastating and worsening effects of climate change. ExxonMobil and Chevron, two companies headquartered in the United States, reported earnings of $55.7 billion and $35.5 billion, respectively, during 2022. In 2022, the United States experienced 18 separate climate and weather related disasters, including droughts, floods, severe storms, and wildfires which each caused over $1 billion in damage and led to the deaths of four hundred and seventy four people. Altogether the 18 events cost an estimated $165 billion, making 2022 the third most costly year for US weather and climate disasters since 1980.  The impacts from the fossil fuel industry’s products don’t stop at national borders, but rather are truly global in nature. Looking outside of the United States, numerous heartbreaking climate-related disasters occurred around the world 1700 people killed , and caused up to$40 billion in damages,climate disasters since 1980.  
The impacts from the fossil fuel industry’s products don’t stop at national borders, but rather are truly global in nature. Looking outside of the United States, there are numerous heartbreaking climate-related disasters in the world in 2022. One of the most extreme was the horrific flooding in Pakistan which impacted 33 million people, killed 1700, and caused up to$40 billion in damages. People continue to struggle with the aftermath of this event and the severely underfunded aid efforts to respond.While climate impacts are often discussed in terms of economic damages, we must never lose sight of the fact that much of the loss and damage suffered involves things so precious that it is impossible to place a monetary value on them, including losses of life, cultural heritage, and a sense of safety. Thousands of people lost their lives in the disasters mentioned above and in other extreme events, incurring an incalculable cost to their loved ones. Many people’s lives were also impacted or lost because of  disasters fueled by climate change that did not cause over $1 billion in damage and thus received less media attention.  
Attribution of climate-fueled disasters....read on       https://blog.ucsusa.org/shaina-sadai/fossil-fuel-companies-make-billions-in-profit-as-we-suffer-billions-in-losses/    retain for 1 Dec 2024 also