Could Climate Change Liability Usher in a New Era of Cooperation? (Risk & Insurance)

Could Climate Change Liability Usher in a New Era of Cooperation?

  Tuesday, October 11th, 2022 Source: Risk & Insurance

In August, flooding immersed Pakistan as three months of monsoons, following a drought, took their toll on farmland and humanity.

The previous month, Vancouver, Canada launched a lawsuit against oil producers, placing the blame for climate change on them. Canadians were shocked by the wildfire that devastated Lytton, Canada after temperatures there crested 121 degrees Fahrenheit in June 2021.

Amidst the flooding in Pakistan, officials there voiced their opinion that rich Western economies, propelled by fossil fuels, were responsible for the devastation they underwent.

In both cases, the complainants are essentially saying, ‘We didn’t do this, you did.’ Whether energy producers will eventually be on the hook for losses suffered in Pakistan or Canada remains to be seen.

What does appear to be ever more real is that the liability linkage between climate change and corporate interests appears to be growing stronger. One’s mind might then turn to litigation, settlement, payment.

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