New York City is Suing Oil Companies and Divesting $5 Billion from Fossil Fuels

It’s major news for the financial capital of the world to be suing a large part of one of the richest, most toxic industries in history. Climate change is truly among the defining issues of these times. With all that being said, the New York Times had this story on page 23 of their paper today, disappointingly enough. The valuable parts of the alternative media have thankfully been covering this story though.

New York City is seeking to lead the assault on both climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the world’s most powerful oil companies over their contribution to dangerous global warming.

City officials have set a goal of divesting New York’s $189bn pension funds from fossil fuel companies within five years in what they say would be “among the most significant divestment efforts in the world to date”. Currently, New York City’s five pension funds have about $5bn in fossil fuel investments. New York state has already announced it is exploring how to divest from fossil fuels.

“New York City is standing up for future generations by becoming the first major US city to divest our pension funds from fossil fuels,” said Bill de Blasio, New York’s mayor.

“At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits. As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient.”

De Blasio said that the city is taking the five fossil fuel firms – BP, Exxon Mobil, Chevron, ConocoPhillips and Shell – to federal court due to their contribution to climate change.

Court documents state that New York has suffered from flooding and erosion due to climate change and because of looming future threats it is seeking to “shift the costs of protecting the city from climate change impacts back on to the companies that have done nearly all they could to create this existential threat”.

The court filing claims that just 100 fossil fuel producers are responsible for nearly two-thirds of all greenhouse gas emissions since the industrial revolution, with the five targeted companies the largest contributors.

The case will also point to evidence that firms such as Exxon knew of the impact of climate change for decades, only to downplay and even deny this in public. New York’s attorney general, Eric Schneiderman, is investigating Exxon over this alleged deception.

New York 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. De Blasio’s office said climate change is “perhaps the toughest challenge New York City will face in the coming decades”.

The legal action and the divestment draw perhaps the starkest dividing line yet between New York and the Trump administration on climate change. Under Trump, the federal government has attempted the withdraw the US from the Paris climate accords, tear up Barack Obama’s signature climate policies and open up vast areas of America’s land and waters to coal, oil and gas interests.

De Blasio and the city comptroller, Scott Stringer, have come under pressure for several years from activists to rid New York’s pension funds of any link to fossil fuels, with some environmentalists claiming the city has been too slow to use its clout to tackle climate change.

One thought on “New York City is Suing Oil Companies and Divesting $5 Billion from Fossil Fuels

  1. This report backs the court filing claim of about two-thirds of greenhouse gas emissions being from 100 corporations:

    https://www.theguardian.com/sustainable-business/2017/jul/10/100-fossil-fuel-companies-investors-responsible-71-global-emissions-cdp-study-climate-change

    Other relevant reports:

    Exxon misled the public on climate change:

    https://www.reuters.com/article/us-usa-climatechange-exxon-idUSKCN1B31TR

    Pollution has been estimated to cost $4.6 trillion annually:

    https://enlights.org/2017/10/20/report-pollution-costs-4-6-trillion-and-leads-to-9-million-deaths-annually/

    A majority of Americans support implementing a carbon tax and then using its revenue to fund renewable energy developments:

    https://enlights.org/2017/10/03/majority-support-a-carbon-tax-using-its-revenue-for-renewable-energy-development/

    The World Bank has announced that it is drastically cutting funding of fossil fuels:

    https://www.commondreams.org/news/2017/12/12/big-after-years-pressure-world-bank-drastically-curb-funding-fossil-fuels

    Global fossil fuel burning probably set record highs in 2017:
    https://www.theguardian.com/environment/2017/nov/13/fossil-fuel-burning-set-to-hit-record-high-in-2017-scientists-warn

    An amount roughly equivalent to 6.5 percent of world GDP ($5 trillion) is spent annually on fossil fuels subsidies:

    https://www.theguardian.com/environment/climate-consensus-97-per-cent/2017/aug/07/fossil-fuel-subsidies-are-a-staggering-5-tn-per-year

    Norway’s $1 trillion sovereign wealth fund proposed to drop fossil fuels corporations:

    https://www.reuters.com/article/us-norway-swf/norways-1-trillion-wealth-fund-proposes-to-drop-oil-gas-stocks-from-index-idUSKBN1DG1TK

    A catalyst to recycle carbon dioxide and methane into valuable chemicals has been developed:

    https://enlights.org/2017/11/17/positively-transforming-greenhouse-gases-catalyst-to-recycle-carbon-dioxide-and-methane-for-valuable-chemicals-developed/

    Like

Comments are closed.