Episode 332: Who Pays for Climate Damage? Climate Litigation, Risk, and Accountability with Dr Rupert Stuart-Smith

In this episode of The International Risk Podcast, Dominic Bowen speaks with Dr Rupert Stuart-Smith about the rapid expansion of climate litigation and what it means for corporate strategy, financial stability, and international risk. The discussion explores how climate lawsuits have evolved from targeted environmental challenges into a structural feature of the climate transition, reshaping legal duties, redistributing financial exposure, and creating new forms of liability for governments, corporations, and financial institutions.

The conversation highlights how climate litigation is not confined to fossil fuel producers alone. While major emitters remain central targets, claims are increasingly extending to banks, investors, and companies across the economy whose strategies are misaligned with the goals of the Paris Agreement. He explains how advances in attribution science are allowing courts to trace emissions through to specific climate harms, strengthening causal arguments and narrowing the space for uncertainty-based defences. Even where claims are unsuccessful, companies face material consequences through legal costs, reputational damage, investor scrutiny, and heightened disclosure obligations.

Find out more about how courts are beginning to accept, in principle, that corporations may bear proportional responsibility for climate impacts, and how this possibility is reshaping risk assessments. The episode examines the implications of cases against companies such as RWE and Shell, as well as emerging litigation targeting financial institutions for the emissions they indirectly finance. It considers whether investors are "flying blind" in the face of evolving liability standards and how fragmented jurisdictional approaches complicate global risk modelling.

Dr Rupert Stuart-Smith is Deputy Director of Climate Science and the Law and Senior Research Fellow at the Oxford Sustainable Law Programme at the University of Oxford. His research sits at the intersection of climate science, legal accountability, and financial risk. In addition to his academic research, Rupert has advised international legal bodies, including the Inter-American Court of Human Rights, on the role of climate science in judicial decision-making.

The International Risk Podcast brings you conversations with global experts, frontline practitioners, and senior decision-makers who are shaping how we understand and respond to international risk. From geopolitical volatility and organised crime, to cybersecurity threats and hybrid warfare, each episode explores the forces transforming our world and what smart leaders must do to navigate them. Whether you’re a board member, policymaker, or risk professional, The International Risk Podcast delivers actionable insights, sharp analysis, and real-world stories that matter.

The International Risk Podcast is sponsored by Conducttr, a realistic crisis exercise platform. Conducttr offers crisis exercising software for corporates, consultants, humanitarian, and defence & security clients. Visit Conducttr to learn more.

Dominic Bowen is the host of The International Risk Podcast and Europe’s leading expert on international risk and crisis management. As Head of Strategic Advisory and Partner at one of Europe’s leading risk management consulting firms, Dominic advises CEOs, boards, and senior executives across the continent on how to prepare for uncertainty and act with intent. He has spent decades working in war zones, advising multinational companies, and supporting Europe’s business leaders. Dominic is the go-to business advisor for leaders navigating risk, crisis, and strategy; trusted for his clarity, calmness under pres

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