"The fossil-fuel industry could and should pay for provable climate damage."

Myles Allen of Oxford with an interesting perspective: “The presumption in climate change negotiations is that “countries with historically high emissions” would be first in line to foot the bill for loss and damage. There may be some logic to this, but if you are an African (or Texan) farmer hit by greenhouse-exacerbated drought, is the European or American taxpayer necessarily the right place to look for compensation? As any good lawyer knows, there is no point in suing a man with empty pockets. The only institution in the world that could deal with the cost of climate change without missing a beat is the fossil fuel industry: BP took a $30bn charge for Deepwater Horizon, very possibly more than the total cost of climate change damages last year, and was back in profit within months. Of the $5 trillion per year we currently spend on fossil energy, a small fraction would take care of all the loss and damage attributable to climate change for the foreseeable future several times over.”