PAL calculates over $30billion could be payable to London, crucially depending on the date when losses were deemed to have started.
PAL estimates that about $295million annually is payable to London from 2018.
If the law of England permits, we believe Mayor Khan could, like Mayor de Blasio of New York has
done, bring a suit against five of the largest oil companies ('The 5 Big Oil': BP, Chevron,
ConocoPhillips, ExxonMobil, Royal Dutch Shell) to compensate the city for past climate-related
losses and to provide for future infrastructure to enable London to adapt to sea level rise (as
reported in the Appendix of this preliminary report, the Thames Barrier is in increasing demand
and needs backup).
This is exactly the sort of situation in which PAL is so well placed to advise.
For more information download our report
PAL provides carbon pricing software, services and business solutions that help financial institutions and public agencies understand, quantify and track their carbon risk exposure.