Firms Profit From Climate Disaster Clean-Up – While Investing In Fossil Fuels

"Study shows resilience workers, mostly refugees and immigrants, poorly protected as top firms ‘pad their pockets by cutting costs’".

Private equity firms are increasingly profiting from cleaning up climate disasters in the US, while failing to better protect workers and often also investing in the fossil fuels that are causing the climate emergency, new research has found.

The demand for skilled disaster restoration or resilience workers, who are mostly immigrants and refugees from Latin America and Asia, is soaring as greenhouse gases released by burning fossil fuels heat the planet, provoking more destructive storms, floods and wildfires.

As the industry has become more profitable, at least 72 companies that specialize in disaster cleanups and restoration have been acquired by private equity firms since 2020, according to the research, by the Private Equity Stakeholder Project (PSEP) and Resilience Force, a labor rights organization with thousands of members."

Nina Lakhani reports for the Guardian September 7, 2023.

Source: Guardian, 09/08/2023