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‘Exponential’ increase in climate litigation could pose major financial risk for companies

Vehicles pass by the Phillips 66 oil refinery in Wilmington, California
The Phillips 66 refinery in California. Until now, climate litigation has mainly targeted oil and gas companies and been lodged in the US but this is changing (Photo: Mario Tama/Getty Images)

Assessing the likely costs of climate litigation remains highly challenging for businesses, says S&P Global Ratings

The number of climate-related legal cases being filed globally has increased fourfold in the past 10 years, concludes analysis by S&P Global Ratings. According to the rating agency, 2,410 cases were lodged in national and international courts last year, compared to 581 in 2013.

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