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Ja-Rei Wang, jwang@ucsusa.org, 202-331-6943
A first-of-its-kind study published today in the scientific journal Climatic Change links global climate changes to the product-related emissions of specific fossil fuel producers, including ExxonMobil and Chevron. Focusing on the largest gas, oil and coal producers and cement manufacturers, the study calculated the amount of sea level rise and global temperature increase resulting from the carbon dioxide and methane emissions from their products as well as their extraction and production processes.
The study quantified climate change impacts of each company's carbon and methane emissions during two time periods: 1880 to 2010 and 1980 to 2010. By 1980, investor-owned fossil fuel companies were aware of the threat posed by their products and could have taken steps to reduce their risks and share them with their shareholders and the general public.
"We've known for a long time that fossil fuels are the largest contributor to climate change," said Brenda Ekwurzel, lead author and director of climate science at the Union of Concerned Scientists (UCS). "What's new here is that we've verified just how much specific companies' products have caused the Earth to warm and the seas to rise."
The study builds on a landmark 2014 study by Richard Heede of the Climate Accountability Institute, one of the co-authors of the study published today. Heede's study, which also was published in Climatic Change, determined the amount of carbon dioxide and methane emissions that resulted from the burning of products sold by the 90 largest investor- and state-owned fossil fuel companies and cement manufacturers.
Ekwurzel and her co-authors inputted Heede's 2014 data into a simple, well-established climate model that captures how the concentration of carbon emissions increases in the atmosphere, trapping heat and driving up global surface temperature and sea level. The model allowed Ekwurzel et al. to ascertain what happens when natural and human contributions to climate change, including those linked to the companies' products, are included or excluded.
The study found that:
"Until a decade or two ago, no corporation could be held accountable for the consequences of their products' emissions because we simply didn't know enough about what their impacts were," said Myles Allen, a study co-author and professor of geosystem science at the University of Oxford in England. "This study provides a framework for linking fossil fuel companies' product-related emissions to a range of impacts, including increases in ocean acidification and deaths caused by heat waves, wildfires and other extreme weather-related events. We hope that the results of this study will inform policy and civil society debates over how best to hold major carbon producers accountable for their contributions to the problem."
The question of who is responsible for climate change and who should pay for its related costs has taken on growing urgency as climate impacts worsen and become costlier. In New York City alone, officials estimate that it will cost more than $19 billion to adapt to climate change. Globally, adaptation cost projections are equally astronomical. The U.N. Environment Programme estimates that developing countries will need $140 billion to $300 billion annually by 2030 and $280 billion to $500 billion annually by 2050 to adapt.
The debate over responsibility for climate mitigation and adaptation has long focused on the "common but differentiated responsibilities" of nations, a framework used for the Paris climate negotiations. Attention has increasingly turned to non-state actors, particularly the major fossil fuel producers.
"At the start of the Industrial Revolution, very few people understood that carbon dioxide emissions progressively undermine the stability of the climate as they accumulate in the atmosphere, so there was nothing blameworthy about selling fossil fuels to those who wanted to buy them," said Henry Shue, professor of politics and international relations at the University of Oxford and author of a commentary on the ethical implications of the Ekwurzel et al. paper that was published simultaneously in Climatic Change. "But circumstances have changed radically in light of evidence that a number of investor-owned companies have long understood the harm of their products, yet carried out a decades-long campaign to sow doubts about those harms in order to ensure fossil fuels would remain central to global energy production. Companies knowingly violated the most basic moral principle of 'do no harm,' and now they must remedy the harm they caused by paying damages and their proportion of adaptation costs."
Had ExxonMobil, for example, acted on its own scientists' research about the risks of its products, climate change likely would be far more manageable today.
"Fossil fuel companies could have taken any number of steps, such as investing in clean energy or carbon capture and storage, but many chose instead to spend millions of dollars to try to deceive the public about climate science to block sensible limits on carbon emissions," said Peter Frumhoff, a study co-author and director of science and policy at UCS. "Taxpayers, especially those living in vulnerable coastal communities, should not have to bear the high costs of these companies' irresponsible decisions by themselves."
Ekwurzel et al.'s study may inform approaches for juries and judges to calculate damages in such lawsuits as ones filed by two California counties and the city of Imperial Beach in July against 37 oil, gas and coal companies, claiming they should pay for damages from sea level rise. Likewise, the study should bolster investor campaigns to force fossil fuel companies to disclose their legal vulnerabilities and the risks that climate change poses to their finances and material assets.
The Union of Concerned Scientists is the leading science-based nonprofit working for a healthy environment and a safer world. UCS combines independent scientific research and citizen action to develop innovative, practical solutions and to secure responsible changes in government policy, corporate practices, and consumer choices.
"Trump calls Spain a 'terrible partner' because it accepts neither blackmail nor threats. Because we are a sovereign, democratic country that defends multilateralism and peace."
US President Donald Trump's call on Wednesday to "cut off all trade with Spain" over what he said is the NATO ally's failure to pull its own weight in the alliance was shrugged off by Spanish Prime Minister Pedro Sánchez as "business as usual," but a member of the leftist leader's Cabinet responded to the largely infeasible threat by declaring that her government will not succumb to bullying.
Sitting alongside NATO Secretary-General Mark Rutte at the alliance's summit in the Turkish capital Ankara, Trump told reporters that “Spain is a wasted cause."
"We don’t want to do any trade business with Spain anymore, by the way,” the Republican president continued. “Spain is a terrible partner in NATO. They don’t participate. They don’t pay. I don’t want anything to do with Spain. Cut off all trade with Spain, please, including visits. Watch them come running back. Oh, they’ll come running back."
President Trump says he is "not happy" with NATO and demands to cut trade ties with Spain: "I don't want anything to do with Spain... cut off all trade with Spain please, including visits... watch them come running back." pic.twitter.com/3WCTAZU5mA
— CSPAN (@cspan) July 8, 2026
According to NATO's official estimates for 2025, Spain spends 2% of its gross domestic product (GDP) on defense, equivalent to about $35.7 billion, the seventh-highest amount in the alliance. Five other NATO members—Belgium, Czechia, Luxembourg, North Macedonia, and Portugal—also spend 2% of their GDP on their militaries, the lowest percentage in the alliance. NATO members have agreed to meet a defense spending goal of 3.5% of GDP by 2035, while Trump has repeatedly urged alliance nations to budget 5%.
Sánchez brushed off Trump's tirade as "business as usual" while touting Spain's "excellent" trade relations with the United States and vowing to respond "with calm and patience" to the president's threat.
"When you step back a bit from these kinds of actions, what you see is that relations between the United States and Spain are very, very positive socially, culturally, economically, and politically," he said.
"Spain is a country that strives to maintain the best possible relations with all countries, especially allied countries, with whom we have very consolidated ties that have transcended the ideological orientation of the administrations that have governed Spain or the United States over the decades," Sánchez added.
Spanish Health Minister Mónica García was more blunt in her response to Trump's remarks.
"Trump calls Spain a 'terrible partner' because it accepts neither blackmail nor threats," she said on social media. "Because we are a sovereign, democratic country that defends multilateralism and peace. What's terrible is confusing diplomacy with bullying."
Experts say that while the International Emergency Economic Powers Act grants US presidents broad authority to block or limit trade with countries, they must prove that targeted nations pose an "unusual or extraordinary threat" to national or economic security, which Spain clearly does not. Furthermore, as a European Union member, any trade negotiations must be conducted via Brussels, not Madrid.
This isn't the first time that Trump has floated cutting off commercial relations with Spain. Earlier this year, he threatened a full trade embargo on Spain over its refusal to allow use of its military bases to wage the illegal US-Israeli war on Iran. Spain's rejection of Trump's call for NATO members to spend 5% of their GDPs on defense, its formal support for South Africa's Gaza genocide case against Israel at the International Court of Justice, and its broader pro-Palestine stance have also angered the US leader.
Responding to Trump's renewed airstrikes on Iran and apparent abandonment of a frayed three-month ceasefire, Sánchez said Wednesday that "what we want is to avoid war."
"Wars are always bad news," the prime minister added, "especially for civilians, particularly children and women."
"Children were murdered in the first days of Trump’s illegal, pointless war that has wreaked havoc across the world," said Rep. Yassamin Ansari.
The House Democrat who introduced articles of impeachment against Pentagon Secretary Pete Hegseth earlier this year revived her call for his removal on Wednesday following news that top US military commanders bypassed warnings about the reliability of their targeting information before authorizing the bombing of an Iranian school, killing more than 150 people—mostly young children.
"This is unconscionable," Rep. Yassamin Ansari (D-Ariz.), one of two Iranian Americans in Congress, wrote on social media in response to CNN's reporting on the US commanders' catastrophic decision. "Children were murdered in the first days of [President Donald] Trump’s illegal, pointless war that has wreaked havoc across the world. It is an abomination. It is a war crime. And it is why I’ve introduced articles of impeachment against Pete Hegseth."
Ansari urged her colleagues to support the Hegseth impeachment articles, which state that the Pentagon chief "has authorized, condoned, or failed to prevent the use of military force in a manner inconsistent with the law of armed conflict" and "demonstrated a willful disregard for the Constitution," among other alleged violations.
Currently, just 16 House Democrats are listed as co-sponsors of Ansari's impeachment articles against Hegseth, who dismantled the Pentagon's civilian harm mitigation programs before the Trump administration attacked Iran in late February. According to ProPublica, "Hegseth made deep cuts to the Civilian Harm Mitigation and Response programs and slashed CHMR staff at military commands by more than 90%."
"That included removing civilian harm specialists from target development strike teams and reducing the team of 10 at Central Command to only one full-time staffer," the outlet added.
CNN reported on Tuesday that senior US military commanders ignored warnings that intelligence pertaining to possible targets in Iran "was severely out of date and approved some strikes"—including the bombing of Shajareh Tayyebeh Elementary School in Minab, an attack that human rights groups say should be investigated as a war crime.
Months later, the Pentagon has not publicly released the findings of its investigation into the strike, and Trump recently said he doesn't believe the US was responsible for the Minab school attack, despite now-abundant evidence to the contrary. The attack is seen as one of the worst massacres of civilians in recent US military history.
Last week, The Associated Press reported that when news of the school bombing emerged on the first day of the US-Israeli assault on Iran, "the US military knew they had conducted strikes in the vicinity—though it took the military time to verify the Iranian claims that a school was struck and begin a formal investigation."
"One former Pentagon official, similarly speaking on condition of anonymity, said the bombing came as a natural result of changes made by the Trump administration to reduce staff to mitigate civilian harm and Hegseth’s emphasis on lethality," the outlet noted. "When Hegseth took charge, he slashed the size of an office called the Civilian Protection Center of Excellence, created at the direction of Congress in late 2022. That stopped the office’s work on updating 'no-strike lists,' which are lists of protected sites such as hospitals, schools, churches, and mosques, that the Pentagon keeps."
"These deals produce harm reliably enough that researchers can now count it."
Investigative journalist Ronan Farrow on Tuesday published a video on social media where he examines how private equity firms have been buying up hospitals throughout the US and saddling them with enormous debt burdens.
At the start of the video, Farrow notes that private equity firms such as The Carlyle Group, Cerberus, and Pinta have acquired hundreds of hospitals and nursing homes over the last 20 years.
"The pitch is generally: Infuse capital, cut inefficiency, and exit in five to seven years," Farrow explains. "And the deals work like this: A private equity firm puts some of its own money and borrows the rest. Typically, it'll borrow more than 70% of the purchase price."
"The twist is that debt doesn't sit on the firm's books," Farrow continues. "It gets placed on the facility itself, so the hospital or nursing home now carries the debt and the interest on it."
Studies now present a striking picture of what happens when private equity firms acquire hospitals and nursing homes: predictable increases in harm and deaths. One landmark study shows: patient deaths up about 11% after such acquisitions. pic.twitter.com/N6yfXJQIwW
— Ronan Farrow (@RonanFarrow) July 7, 2026
Farrow then cites research published by The Review of Financial Studies in 2023, which found healthcare facilities saw their interest payments more than triple after being acquired by private equity firms.
"In many cases," Farrow says, "private equity firms sold the nursing home's building shortly after acquiring it, returning the proceeds to investors, and then charging the facility rent on the building it used to own."
In addition to added debt burdens placed on hospitals and nursing homes, Farrow adds, the 2023 study found that private equity firms also cut staff hours after acquiring facilities, which has hurt patient care.
"The authors... found that private equity ownership can increase patient mortality by up to 11%," he says. "Over the study period, that translated to more than 20,000 lives lost."
Farrow then points to a 2025 study that found salaries of emergency room workers fall by an average of 18% in hospitals acquired by private equity firms, while hospital-acquired infections and complications rose by 25%.
Farrow concedes that not all private-equity deals turn out poorly and that some of the facilities are already in distress before being acquired.
However, he warns that "these deals produce harm reliably enough that researchers can now count it," adding that "so far, the industry has moved faster than the rules."
Research published Monday by the Private Equity Stakeholder Project (PESP) warned that private equity firms have been increasingly relying on nonprofit joint ventures to expand their reach throughout the US healthcare industry and "siphon profits from health systems and critical healthcare infrastructure."
"Private equity's healthcare playbook is evolving,” said Jim Baker, executive director of PESP. “Our research documents how private equity has increasingly relied on joint ventures with nonprofits to expand its presence in healthcare. These arrangements have received far less attention than traditional private equity buyouts, even as they become more common across hospitals and other healthcare sectors."