New York City Sues Oil Companies in Climate Change Lawsuit -- 6th Update
January 10 2018 - 4:19PM
Dow Jones News
By Corinne Ramey and Mara Gay
New York City Mayor Bill de Blasio said Wednesday his
administration had filed a lawsuit against five major oil companies
and was pushing New York City pension funds to divest from fossil
fuel, both part of an effort to fight climate change.
"This is a tragedy that was wrought by the fossil-fuel
companies," Mr. de Blasio, a Democrat, said at a news conference.
"We are going after those who have profited. And what a horrible,
disgusting way to profit."
The pension fund divestment requires approval from the trustees
of the city's five major pension funds. Some funds may choose to
implement the proposal while others may not. City officials plan to
present a proposal to the funds on Thursday.
The $189 billion pension funds hold about $5 billion in
securities from fossil-fuel companies, officials said.
The lawsuit, filed late Tuesday, asks for billions of dollars to
protect the city from climate change. San Francisco and Oakland
filed similar suits in September against the same five
companies.
"In this litigation, 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," said the complaint, which was filed in U.S.
District Court in Manhattan.
The complaint said that "the very climate disruption and
injuries that Defendants' scientists and consultants warned them
about decades ago have now arrived."
The city filed the suit against oil companies BP PLC, Chevron
Corp., ConocoPhillips, Exxon Mobil Corp. and Royal Dutch Shell
PLC.
A Shell spokesman said the company believes "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."
A Chevron spokesman called the lawsuit "factually and legally
meritless." An Exxon Mobil spokesman said the company "welcomes any
well-meaning and good faith attempt to address the risks of climate
change," but that lawsuits such as this one do not.
A ConocoPhillips spokesman said the company doesn't comment on
pending litigation. BP declined to comment.
A city has never successfully sued a fossil-fuel company for
damages for climate change, said Michael Burger, executive director
of Columbia Law School's Sabin Center for Climate Change Law.
Still, under state law, courts haven't yet prohibited such a suit,
he said.
Even if cities aren't successful in court, such suits could have
other impacts. "It's possible that these lawsuits will apply enough
pressure to move industry off of its resistance to take significant
measures to address climate change," Mr. Burger said.
The measures proposed Wednesday come as Mr. de Blasio works to
grow his national profile as a liberal Democrat. Last month, the
mayor traveled to Iowa to deliver the keynote address at the
holiday party of a liberal group, sparking speculation that he may
be considering a bid for president in 2020. Mr. de Blasio has
repeatedly said he isn't running for president.
Write to Corinne Ramey at Corinne.Ramey@wsj.com and Mara Gay at
mara.gay@wsj.com
(END) Dow Jones Newswires
January 10, 2018 16:04 ET (21:04 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Sep 2023 to Sep 2024