THE Big Five oil companies must pay up to $65 billion (£57bn) in climate damages every year based on their past emissions, campaigners revealed today.

Chevron, ExxonMobil, BP, Shell and Total are responsible for more carbon emissions than most countries on Earth put together, according to Britain campaign group Global Justice Now’s research — which was released ahead of the finance day at Cop27.

The campaign group is calling for the corporations to pay “the lion’s share” of the climate reparations bill being discussed at the climate summit in Egypt through a pollution tax.