World’s Top 3000 Firms cause US$2.2 Trillion in Environmental Damage

Capitalism is great. Apparently, one of the central tenets of the market economy: “there is no free lunch”, does not apply if you happen to be one of the top 3000 publicly-listed companies.

While you and me may get ourselves hauled to court for spitting chewing gum on the sidewalk in Singapore, 3000 of the world’s top companies that have caused a sum of US$2.2 trillion in environmental damage are not obligated to pay anything. The complete report which is due this northern hemisphere summer is being compiled by the London-based consultancy Trucost.

Among the most costly damages stated within the report are emissions of greenhouse gases (making up more than half of the total damage), air pollution, and damage to fresh water resources.

On average, the total damage would be 1/3 of the total profit generated. But nature be damned, money is more important.

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