City seeks billions in damages from largest fossil fuel companies
City seeks billions in damages from largest fossil fuel companies
New York City Mayor Bill de Blasio has made climate action a centerpiece of his administration
11 January, 2018, 15:21
The New York City government has announced its plans to sue the world's five biggest fossil fuel companies over their contribution to climate change, and the city will be divesting $5 billion from the fossil fuel industry.
NY is not the first city to sue oil companies.
The complaint said that "the very climate disruption and injuries that Defendants' scientists and consultants warned them about decades ago have now arrived".
The suit alleges that ExxonMobil, Chevron, Shell, BP and ConocoPhillips bear responsibility for the costs of climate damages due to their outsized contributions to global warming emissions and decades of sowing doubt about the risks of their products.
The 67-page suit, filed Tuesday in Manhattan federal court, says that the fossil fuels the companies produce are the primary cause of climate change and the firms "had full knowledge that fossil fuels would cause catastrophic harm" yet are "denying or downplaying those threats".
Democratic Mayor Bill de Blasio received immediate blowback from some of the companies, while winning praise from environmentalists and others.
San Francisco, Oakland, and Santa Cruz, California, have filed similar lawsuits against oil companies.
NY is now carrying out a $20 billion plan to combat the effects of climate change and protect New Yorkers from rising seas, stronger storms and more extreme temperatures.
"New York City is standing up for future generations by becoming the first major United States city to divest our pension funds from fossil fuels", said Bill de Blasio, New York's mayor.
"Reducing greenhouse gas emissions is a global issue and requires global participation and actions", said Exxon Mobil's Scott Silvestri.
"New York City is standing up for future generations by becoming the first major USA city to divest our pension funds from fossil fuels", de Blasio said in a statement.
Stringer admitted the divestment will be "complex" and will take some time but said the city's pension funds could promote sustainability while also protecting the retirement of teachers, police officers and other city workers.
The New York City (NYC) has announced its plan to divest pension funds of $5bn from fossil fuels reserve owners.
In November, Norway's central bank urged the Norwegian government to consider divesting oil and gas company shares held in the $1 trillion oil fund.
"With its communities exceptionally vulnerable to a rising sea, the city is showing the spirit for which it's famous - it's not pretending that working with the fossil fuel companies will somehow save the day, but instead standing up to them, in the financial markets and in court".
Philanthropies have included the Wallace Global Fund and the Rockefeller Brothers Fund, notable because the late John D. Rockefeller grew his wealth as an oil baron.
Kyle Isakower, vice president of the American Petroleum Institute, has previously said that divestment is a "tactic of misinformed activists" that is "incompatible with job creation, affordable energy, and economic prosperity". The industry group's NY executive director, Karen Moreau, accused him of hurting pension holders in "a disgraceful way to score cheap political points".
New York's lawsuit echoes a similar effort on the west coast, where two California counties and a city are suing 37 fossil fuel companies for knowingly emitting unsafe levels of greenhouse gases.
Temperatures this morning were in the teens (above zero) and this afternoon will be more seasonable with highs into near 30. Any snow will transition to a brief period of sleet and freezing rain and then finally to a cold rain during the afternoon.
Meghan is ushering in a new, more relaxed royal protocol (it helps that she's technically marrying the "spare"). Markle curbed her posting the moment news broke that she and Harry were dating in November 2016.
While signing Anthony Swarzak was a big improvement, the Mets still need help in their pen. "I enjoyed my time in NY ", he said. Bruce will be paid $10 million in 2018, and $14.5 million in 2019 and 2020, according to one person familiar with the deal.
Photo Migrants were taken to a naval base in Tripoli , Libya , on Tuesday after being rescued by the country's coast guard. Some 21,663 migrants arrived in Spain as of December 28 past year , while 1,067 landed in Cyprus, preliminary figures show.
In the one T20I these two teams have played together, India came out on top, and won the match by eight wickets. Ford added: "The matches will be played in front of a huge audience, both at the games and live on television".
The 6-inch phone doesn't have an official name yet, although it looks and feels very much like a near-final smartphone. Vivo's working smartphone is yet to be produced and Synaptics Clear ID sensor has already begun their mass production.
The 7-year-old girl was staying with her aunt while her parents were in Saudi Arabia to perform the umrah pilgrimage. According to reports , at least 12 children have been sexually assaulted and killed in the past two years in Kasur .
An American UN monitor was found dead in the DRC's Central Kasai region past year along with a Swedish counterpart. Now every country has a travel advisory based on this system, which has replaced all the previous such advisories.
Overwatch League-Twitch Deal Worth At Least $90M
People from all over the globe can now watch the matches between their favorite teams as they unfold from Twitch. That deal is exclusive on joint tech-development and commercialization, not competition coverage.
New Update From CD Projekt Red and Cyberpunk 2077
The tweet itself doesn't actually have much in the way of new information. "Recently, the Twitter account posted "*beep*". When it was first announced, the developer said that it would feature a single-player story and multiplayer.
Isaiah Thomas fined for flagrant foul on Andrew Wiggins
Thomas was issued a flagrant 2 and was ejected from the remainder of the game which at that point had already been a blowout. Thomas blamed his performance on rust, claiming that so much time off made it hard to step back in an dominate right away.
Browns add Packers execs Wolf, Highsmith to front office
The Packers earned 10 trips to the playoffs in Wolf's 14 seasons, seven NFC North division titles and a victory in Super Bowl XLV. He's never worked for any organization outside of Green Bay, though he did have internships with the Atlanta Falcons.
Latest Rumours on Lucas Moura, Paulo Dybala
However, the arrival of Neymar and Kylian Mbappe has reshaped the Parisians' attack, and Moura has been left out in the cold. A Paris Saint-Germain star has reportedly agreed to join Manchester United in this transfer window.
Tesla starts Solar Roof production in Buffalo
They were first presented in October 2016, while the United States company started taking orders at the beginning of May 2017. New York City has invested $750 million to support the construction of the 1.2 million square foot factory in Buffalo.
James Damore Sues Google on Behalf of White Men
Now, Damore is suing Google for what he alleges is the company's discrimination against white male conservatives. Dhillon said she expects dozens of other conservative Google staffers to join the class-action suit.
Pakistan reporter says he escaped kidnapping attempt
Armed men attempted to kidnap a Pakistani journalist early Wednesday on a busy road in Islamabad , but he managed to escape. Last year, five Pakistani bloggers went missing for several weeks before four of them were released.