NYC Suing Fossil Fuel Companies

New York City sues five oil companies alleging contributions to climate change

New York City to Announce Climate Lawsuit Against Oil Companies

"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.

Mayor de Blasio (pictured) and City Controller Scott Stringer plan to sue five big oil companies charging they are responsible for global warming that has cost the city billions.

Representatives for Exxon Mobil, Chevron and Shell all told the Associated Press that the court system is not the correct venue to address climate change, with a Chevron spokesperson adding that the lawsuit is "meritless".

NY was badly rattled by Hurricane Sandy in 2012 and faces costs escalating into the tens of billions of dollars in order to protect low-lying areas such as lower Manhattan and the area around JFK airport from being inundated by further severe storms fueled by rising sea levels and atmospheric warming.

Plans by the City of NY to sue and divest $5 billion worth of pension funds from oil companies accused of harming the environment have been heralded as a major step by environmentalists. ConocoPhillips said it did not comment on pending litigation.

Christiana Figueres, former United Nations climate chief and architect of the Paris climate agreement, added: "The exponential transition toward a fossil-fuel-free economy is unstoppable and local governments have a critical role to play".

Exxon Mobil responded to the news of the lawsuit in a blog, arguing that court cases aren't the best way to stop climate change.

De Blasio explicitly linked New York's actions to the plethora of lawsuits against the tobacco industry that led in 1997 to the largest corporate legal settlement in U.S. history: a $246 billion pay-out to all fifty states to fund medical care and smoking prevention programs.

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The lawsuit marks a renewed emphasis among Democrats and their environmental allies on holding oil companies accountable for what they see as their role in global warming - even as much of the activist energy around climate change is being burned fighting and fuming against President Donald Trump for rolling back environmental regulations and announcing the United States would pull out of the Paris climate agreement.

In his speech, Mayor de Blasio claimed the fossil fuel giants knew about the impact of climate change but put profits first.

According to a report by Politico, the de Blasio administration is suing for reparations intending to force the oil companies to pay for the city's resiliency efforts.

New York's suit is particularly notable because its attorney general is investigating whether ExxonMobil misled investors about its risks to climate change.

Hurricane Sandy upended the city in 2012.

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. Reducing greenhouse gas emissions is a global issue that requires global engagement. New models say that storms will cause major flooding in New York City every five years.

A day before New York's announcement, Jack Gerard, CEO of the American Petroleum Institute, gave his annual address on the state of the oil industry, and there was a noticeable shift in the message when it came to climate change.

Mayor Bill de Blasio announced two laws to shine a spotlight on vacant land, both public and private, across the city to accelerate the production of affordable housing.

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