A recently released report by Standard & Poor’s Global Ratings probes the potential impact of climate change litigation on oil and gas industries. The report assesses whether such companies face a situation akin to the tobacco, asbestos, and opioids industries, which were heavily affected by lawsuits in their respective sectors.
Over the course of the last decade, climate change lawsuits have seen a fourfold increase. In 2013, there were around 581 such cases filed. Fast-forward a decade, this figure had escalated to approximately 2,410 cases by 2023, pointing toward a significant rising trend.
In the midst of this spike in legal action, a point of uncertainty is how courts will contextualize a claim that arises from greenhouse gases emissions. The main point of contention is whether such a claim can be regarded as an insurable one, setting the stage for a crucial intersection between environmental issues and legal interpretation.
For a comprehensive understanding of this analysis and the complexities at its heart, you can read the full discussion on the subject at law.com.