New York City Sues Oil Companies in Climate Change Lawsuit

New York City Sues Oil Companies in Climate Change Lawsuit

New York City is already implementing its over $20bn resiliency program, which aims to recover from climate change damages and prepare for future climate events by building resilience against rising seas, more powerful storms, and hotter temperatures.

New York City plans to divest roughly $5 billion in fossil fuels reserve holdings from its $189 billion pension system-the largest of any USA municipality to date, city officials announced Wednesday.

Representatives for BP, ConocoPhillips and Exxon Mobil didn't immediately respond to requests for comment.

"We're saying simply that this city - which suffered so deeply after Hurricane Sandy - has literally experienced billions and billions of dollars of damage as a result of climate change that these specific companies aided and abetted, and they should pay damages for that, very much the same way that tobacco companies were forced to pay damages for the frightful impact that they had knowingly on public health for so many years".

In addition to the litigation, officials said they expect to divest up to $5 billion in investments from as many as 190 companies with fossil fuel ties, even as they promised to maintain their fiduciary duty to New York's pensioners. We are going to lead the fight against climate change as if our lives depended on it.

BP and ConocoPhillips declined to comment.

Johnson dominates in Tournament of Champions win
If my mind's wandering and thinking about other things, then I'm not going to have a good day", Johnson said. Matsuyama nailed one eagle and five birdies in a bogeyless 7-under-par 66, the second best score of the day.

Naturally, the move prompted swift condemnation from the fossil fuel industry. Now, with a prominent city outside of California pressuring these oil giants, New York City is setting a precedent for other states to tackle the issue as well.

Curtis Smith, a spokesman for Shell, said by email: "We believe climate change is a complex societal challenge that should be addressed through sound government policy and cultural change to drive low-carbon choices for businesses and consumers, not by the courts". The funds are expected to be diverted elsewhere within five years. Schneiderman's lawsuit against ExxonMobil claims that there is evidence that Exxon had "two sets of numbers" used to discuss the impact of climate change on the company - one set for the public and one for private company conversations. 12 percent of the funds' assets ($22 billion) are also invested in a group called the "Developed Environmental Activist" asset class, which has underperformed overall funds' returns by an average of 600 basis points over the last three calendar years for which full data are available.

"So let's be clear, I don't think anyone who is looking for fundamental change on this issue would fail to note that the biggest worldwide petroleum companies are the core of the problem". To make it a reality, the city needs support from the trustees of its five pension funds.

"Reducing greenhouse gas emissions is a global issue and requires global participation and actions", said Exxon Mobil's Scott Silvestri.

"Today's announcement sends a message that clean investments are a priority and ensures pensions are funded with the best interest of New Yorkers in mind", Powers said in the January 10 statement.

In 2017, San Francisco, Oakland, Santa Cruz, and Imperial Beach, as well as Santa Cruz County, Marin County, and San Mateo County made an attempt to sue oil companies over the role they play in climate change, but the lawsuit never made any headway.

Related Articles

  • North Korea: Popularity of 'Fire and Fury' foretells Trump's end

    North Korea: Popularity of 'Fire and Fury' foretells Trump's end

    The controversy ensued following the release of a book that featured Bannon criticizing the president and two of his children. As I wrote after Wolff's "Today" appearance, the author's methods do not directly undermine the veracity of his reporting.
    Astros acquire pitcher Gerrit Cole from Pirates

    Astros acquire pitcher Gerrit Cole from Pirates

    In five years with the Pirates, Cole has a 59-42 record with a 3.50 ERA, averaging 156 innings a season in 127 starts. His best season came in 2015 when he went 19-8 with a 2.60 ERA and 202 strikeouts in 32 starts.
    First Alexa-enabled digital glasses to debut at CES

    First Alexa-enabled digital glasses to debut at CES

    While it is a high price point, "the ultimate goal is to have it under US$500 and we'll be able to do that" by next year, he said. Vuzix unveiled at CES a new pair of smart glasses to deliver augmented reality content from connected smartphones and computers.
  • Intel Announces 802.11ax Chipsets for Faster Wi-Fi - IT Peer Network

    Intel Announces 802.11ax Chipsets for Faster Wi-Fi - IT Peer Network

    However, Intel is also making its own optimizations to the standard for better performance amongst its own 802.11ax devices. In the e-mail , the Alliance said that most companies will not manufacture devices compliant to 802.11ax this year.
    Newcastle coach takes 'period of leave' after allegations

    Newcastle coach takes 'period of leave' after allegations

    Players who have given statements regarding the alleged bullying and racism will be interviewed by the club in the coming weeks. The club are not commenting on the matter, but it is understood that a grievance meeting has been scheduled.
    President Trump gets national anthem moment at football title game

    President Trump gets national anthem moment at football title game

    When the President was arriving in his motorcade, football fans who had been waiting outside the stadium had a mixed reaction. Thankfully, protesters were able to get their message across without being threatened by pro-Trump supporters.
  • Golden Globes 2018: Seth Meyers' Weinstein And Spacey Jokes

    Golden Globes 2018: Seth Meyers' Weinstein And Spacey Jokes

    Seth Meyers hosted the 75th annual Golden Globes on Sunday night, and he didn't hold back on slamming famous men accused of abuse. Said one source, "There's a rumor that the Hollywood Foreign Press Association is having Harvey come to apologize".
    Acer Unveil Chromebook 11 With Fanless Design

    Acer Unveil Chromebook 11 With Fanless Design

    The Acer Chromebook 11 comes with two USB 3.0 ports, and this time, two USB Type-C ports are included as well. Having the model number CB311, this new Chromebook is said to come with no compromises to the battery life .
    Panthers part ways with Mike Shula and Ken Dorsey

    Panthers part ways with Mike Shula and Ken Dorsey

    However, he and Dorsey were unable to get that type of consistent production out of Newton and the passing game. Carolina went 11-5 during the regular season, but lost 31-26 to the Saints on Sunday in the wild-card round.
  • Fired engineer James Damore sues Google for discriminating against conservative white males

    Fired engineer James Damore sues Google for discriminating against conservative white males

    James Damore was sacked by Google after he issued a manifesto in which he stated that women were biologically inferior engineers. His claims: that Google unfairly discriminates against white men whose political views are unpopular with its executives.
    Egypt denies report that it accepts Trump's Jerusalem recognition

    Egypt denies report that it accepts Trump's Jerusalem recognition

    Jerusalem's status has always been one of the main obstacles to a peace agreement between Israel and the Palestinians. She said Pence plans to call on leaders to "work together to fight terrorism and improve our national security".
    Lenovo Mirage Solo is the World's First Standalone Daydream VR Headset

    Lenovo Mirage Solo is the World's First Standalone Daydream VR Headset

    It will sell for $449, and is expected to ship in the second quarter of 2018, alongside Lenovo's Mirage VR streaming camera. This would be good if you are wanting to get some great immersive images that you want to share in virtual reality later on.