Menu

Search

  |   Science

Menu

  |   Science

Search

Big Oil Sued By New York City Over Pollution, Divests Away From Fossil Fuel

New York City, Statue Of Liberty.Hromoslav/Flickr

New York City Mayor Bill de Blasio is cranking up the heat in its fight against climate change and pollution by suing major oil companies. The lawsuit names BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell as defendants for causing serious harm to the environment despite being aware of the effects of its products. What’s more, the city is also divesting away from fossil fuel, using its Pension Funds to pressure these oil giants.

The federal lawsuit that Mayor de Blasio’s office just filed is basically seeking reparations from the companies in the wake of the devastation that the city suffered due to several super storms, The New York Post reports. The lawsuit argues that the responsibility for the escalating natural disasters due to climate change falls on these oil companies, which have reaped the benefits of polluting the atmosphere.

“The city seeks to shift the costs of protecting the city from climate change impacts back onto the companies that have done nearly all they could to create this existential threat,” the lawsuit reads.

Naturally, the move prompted swift condemnation from the fossil fuel industry. Chevron spokesman Braden Reddall spoke to ABC News and said that suing oil companies will not help efforts to combat climate change.

“Reducing greenhouse gas emissions is a global issue and requires global participation and actions. Lawsuits of this kind — filed by trial attorneys against an industry that provides products we all rely upon to power the economy and enable our domestic life — simply do not do that,” Reddall said.

Aside from the lawsuit, Mayor de Blasio and Comptroller Scott Stringer have also announced that they’ll be taking their $5 billion investment in fossil fuel, courtesy of NYC’s Pension Funds in a divestment that might be more effective than legal action. This is in line with many divestment efforts by many states and provinces all across the world, which is putting the fossil fuel industry in a tight spot.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

May 23 05:00 UTC Released

SGConsumer Price Index YY

Actual

0.1 0.6

Forecast

0.3 0.6

Previous

0.2 0.6

May 23 05:00 UTC Released

SGCore CPI YY

Actual

1.3 1.5

Forecast

1.4 1.5

Previous

1.5 1.5

January 31 00:00 UTC 161595161595m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 161595161595m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 173415173415m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 161595161595m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 173415173415m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 161595161595m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 161595161595m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 161595161595m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.