New York City sues oil companies over climate change

New York City sues oil companies over climate change

The city of NY joins the state of NY in taking legal action against ExxonMobil, a company that was once headquartered in Manhattan. This echoes a separate investigation by New York Attorney General Eric Schneiderman into ExxonMobil.

At least one of the companies - ExxonMobil - is fighting back.

US President Donald Trump inflamed the world previous year by announcing that the United States would withdraw from the Paris climate accord, setting off a crescendo of efforts by Democrat-run cities and states to shrink the country's carbon footprint.

ACCF cited a recent survey from the Spectrem Group, which found that 66 percent of NY retirement system members want managers to focus on maximizing returns and returning the city to fully funded status. The field of climate attribution science is rapidly advancing and we now know, for example, that emissions traced to the companies named in the city's suit have contributed more than eight percent of global sea level rise and over nine percent of global temperature rise.

The decision came on the heels of the state of NY deciding to divest its pension fund from fossil fuels as well.

New York's lawsuit, filed in federal court follows similar litigation filed by San Francisco, Oakland, and Santa Cruz in California.

"There isn't anything you can point to and say, 'This is exactly like that case, '" Michael Burger, executive director of the Sabin Center for Climate Change Law at Columbia Law School, said in a Bloomberg interview.

While a spokesman from Shell said climate change was a complex issue that the courts shouldn't handle, the other four did not comment. The other companies did not immediately comment.

A spokesperson for Chevron said the lawsuit was "factually and legally meritless", and that it "only serves special interests".

"The reality of this proposal is that divestment won't do anything to cut greenhouse gas emissions", said Netram.

Trump slams 'Sneaky Dianne Feinstein' for releasing Fusion founder's testimony
Feinstein said at the time, "I wasn't consulted about this referral, nor were any of my Democratic colleagues". Chuck Grassley , who had previously refused to release the contents of the interview.

The legal strategy has already been embraced by several California cities and counties, but prior lawsuits seeking to blame companies for their role in causing climate change have foundered.

"We are committed to participating in serious attempts to address climate change and to being part of the solution". The industry group's NY executive director, Karen Moreau, accused him of hurting pension holders in "a disgraceful way to score cheap political points". The funds invest the pensions of hundreds of thousands of active and retired city teachers, firefighters, police officers and other employees.

New York City has filed a lawsuit against five major oil companies for damages the city blames on climate change.

Hurricane Sandy upended the city in 2012. "That is what it means in human and real terms".

New York City is making a move against the fossil fuel industry on two fronts.

Trustees for the city's five pension funds would need to approve any divestment, weighing its effect on the funds' performance.

"We're going after those who have profited. And what a frightful, disgusting way to profit - the way it puts so many people's lives in danger". It's time that they are held accountable.

In what the comptroller's office is calling a "first-in-the-nation" step towards the five-year divestment goal, Mayor Bill de Blasio and Comptroller Scott Stringer will submit a joint resolution to pension fund trustees.

"It is absolutely up to states like NY to lead the rest of the country and send signals to the rest of the world that we're still committed to tackling climate change", he states. "We believe a green economy is a thriving economy". "This is one of the handful of most important moments in that 30-year fight".

Christiana Figueres, former head of the United Nations Framework Convention on Climate Change and architect of the Paris climate agreement, said the announcement "is another reminder of New York City's long-standing position at the cutting edge of culture, as a beacon for entrepreneurs and innovators focused on building a better future".

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