NYC to divest from fossil fuel companies, sues 5 oil firms

New York City to Announce Climate Lawsuit Against Oil Companies

The city's Mayor Bill de Blasio and Comptroller Scott Stringer also announced on Wednesday the city has plans to divest $5 billion in fossil fuel investments within five years, from five pension funds valued at $189 billion.

In addition, the Mayor also announced the city has filed a lawsuit against oil companies BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell, seeking damages to recoup billions of dollars which NY will spend to shield its inhabitants from the effects of climate change. The Guardian wrote that the suit will 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". Just last week, the state of New York's comptroller, Thomas DiNapoli, said the public pension funds he controls have "no plans" to divest, citing his fiduciary responsibilities to pension holders.

Exxon Mobil's Vice President of Public and Government Affairs, Suzanne McCarron said lawsuits such as the one filed by New York City do not address climate change. Hurricane Sandy cost New York City more than $19 billion and resiliency efforts have been continuing since the 2012 storm.

The lawsuit seeks unspecified billions from five companies - BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell - to fund a proposed $20 billion infrastructure project that would "build resilience against rising seas, more powerful storms, and hotter temperatures".

The court action was announced on Wednesday.

New York City is not the first in the United States to launch legal action against oil majors.

More news: Golden Globes 2018: Seth Meyers' Weinstein And Spacey Jokes

"Defendants here produced, marketed, and sold massive quantities of fossil fuels - primarily oil and natural gas - despite knowing that the combustion and use of fossil fuels emit greenhouse gases (GHG), primarily carbon dioxide. Ever since Sandy, New Yorkers understand the risk, especially for the poorest and most vulnerable".

Ultimately, the lawsuit seeks to recover billions of dollars from the quintet of companies in order to fund the research, development, and construction necessary to protect the city from the effects of climate change. Two months later, the cities of San Francisco and Oakland filed similar lawsuits, asking five major fossil fuel producers to pay into a fund to help offset adaption and mitigation costs associated with sea level rise.

"So that all fossil fuel companies are made to pay for the true cost of their emissions, and that we're holding them accountable across the board in a way that can generate revenue to further spur the transition to renewable energy", he stresses. "In a rapidly warming world, oil, gas and coal stocks are simply too high risk", Klein stated.

"This is what climate leadership looks like", said Michael Brune, Executive Director of the Sierra Club.

"Frontline communities of color and the Global South are disproportionately vulnerable to the ravages of climate change have long advocated for divestment commitments that reduce our complicity with terracide". Under Trump, the federal government has attempted the withdraw the USA 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.

Related News:

  • 'Mario Tennis Aces' announced for the Nintendo Switch

    'Mario Tennis Aces' announced for the Nintendo Switch

    A final release date is yet to be confirmed, but when it's released it'll incorporate both touchscreen and Joy-Con controls. Overkill Software's " Payday 2 " is being ported for the Nintendo Switch and it will arrive for the console on February 27.
    Arsene Wenger Rubbishes Reports Linking Jonny Evans To Arsenal

    Arsene Wenger Rubbishes Reports Linking Jonny Evans To Arsenal

    Arsenal lost 4-2 to Championship side Nottingham Forest in the FA Cup third round on Sunday. Jonny is a top player, other clubs were interested in him in the summer.
    Second generation Nokia 6 debuts with Snapdragon 630

    Second generation Nokia 6 debuts with Snapdragon 630

    The Nokia 3310 4G feature phone has received fresh leaks as the device has been spotted on TENAA after being certified in China. Nokia 6 features a 5.5 inch IPS LCD Full HD display with a resolution of 1920 x 1080 pixels and a pixel density of 403 ppi.
  • Nicole Kidman wins Best Actress in Limited Series — GoldenGlobes

    Nicole Kidman wins Best Actress in Limited Series — GoldenGlobes

    It was the fourth Golden Globe win for Nicole, who won for her role in the critically and commercial hit Big Little Lies . Well, she definitely learnt her lesson, leaving the jewellery at home - and people were surprised, to say the least.
    Crowds greet Harry and Meghan in London's buzzing Brixton

    Crowds greet Harry and Meghan in London's buzzing Brixton

    She would use Instagram to post about her work on the TV show " Suits ", and to share adorable pictures of her two rescue dogs . Markle, a Los Angeles native, also intends to become a United Kingdom citizen, a process which will take several years.
    Ibuprofen and Infertility in Men Linked by Study

    Ibuprofen and Infertility in Men Linked by Study

    Within 14 days in the men taking the drug, luteinizing hormones became coordinated with the levels of ibuprofen in their blood. . Advil and Motrin are two brand names for ibuprofen.
  • Celebrities call for #JusticeforZainab to end girls' rape and murder in Pakistan

    Celebrities call for #JusticeforZainab to end girls' rape and murder in Pakistan

    In a condemnation posted on Twitter , PTI chief stated: "This is not the first time such horrific acts have happened". She managed to escape her captor and return home but has been left severely traumatised by her ordeal, reports say .
    CES 2018: Sony adds to mid-range smartphone line-up

    CES 2018: Sony adds to mid-range smartphone line-up

    This model shares the same Snapdragon 630 chip as its sibling, and also touts a one-touch rear fingerprint sensor . Three has also confirmed it will be stocking the XA2 but will announce pricing and availability at a later date.

    Nvidia is launching a line of massive 65-inch gaming displays

    NVIDIA says it has been working for two years with panel producer AU Optronics to develop the technology behind the displays. NVIDIA has introduced a new category of displays at CES 2018 created to cater to various requirements of gaming enthusiasts.
  • WhatsApp bug allows infiltration of private group chats without admin permissions

    WhatsApp bug allows infiltration of private group chats without admin permissions

    In such a case, it is impossible for them to share details with enforcement agencies that they themselves can not access. German cryptographers have found a way to infiltrate WhatsApp's group chats despite its end-to-end encryption .
    Fire breaks out at Trump Tower in NY

    Fire breaks out at Trump Tower in NY

    Pictures shared on social media showed a stream of smoke trailing into the sky from the roof of the Midtown high-rise. No residents were evacuated from the building and there are no reports of injuries at this time.
    Billionaire Tom Steyer Says He Won't Run for Office

    Billionaire Tom Steyer Says He Won't Run for Office

    Steyer , who has repeatedly flirted with running for office in California, was weighing a challenge against Sen. The " most important task for me is ... organizing and mobilizing America's voters ".

Most liked

Stephen Colbert, Jimmy Kimmel mock Trump's plan to reform libel laws
On Sunday, two days after the book's release, WikiLeaks tweeted a link to an electronic image of the text. North Korean leader Kim Jong-un's has hailed the tell-all book which has rocked Donald Trump's presidency.

Google Inc (GOOG) looks to have acquired United Kingdom startup Redux
Google did not immediately respond to a Fortune request for comment and clarification about the apparent acquisition. Google has made a concerted effort at CES to promote new features in its series of voice-controlled speakers.

Seahawks will finally play in London: 2018 game there against Oakland
The NFL announced its slate of 2018 regular season games in London on Thursday, and the Washington Redskins aren't on the bill. Overall, this will be the Chargers' sixth game overseas in franchise history, according to the team's official website .

Cryptocurrencies react to South Korea's bill to ban trading
The government's announcement resulted in a selloff of the cryptocurrency on local as well exchanges overseas . The exchange disputed a Reuters report that its offices had been raided by tax and police agents.

Here's something you need to know about flu
All children aged two and three years olds are eligible for a free nasal spray flu vaccine at their GP surgery each winter. Florida is among the 46 states where the Centers for Disease Control and Prevention is reporting widespread flu activity.

Trump skips parts of national anthem at football game
Obviously Trump's critics were delighted and took to Twitter to gloat or simply express their astonishment. Crooked Hillary Clinton also played these cards very hard and, as everyone knows, went down in flames.

Acer's Chromebook 11 brings USB-C charging to entry-level laptops
They are all driven by Intel Celeron processors. 10 hours of battery life and Google Play support make this a great budget laptop. The 11.6-inch Chrome OS laptop comes with 4GB of RAM by default, plus your choice of either 16GB or 32GB of onboard storage .

HP recalls Notebook computer and mobile workstations batteries
There is a small utility you can download which will check if the battery in your laptop is one of the affected power packs. The batteries were shipped in notebook computers and mobile workstations sold for between $300 and $4,000.

Trump will be in Davos this year
Last year's attendees included Google co-founder Sergey Brin, British Prime Minister Theresa May and Chinese President Xi Jinping. Yet a White House statement indicated Trump would not hesitate to bring his nationalist message to the assemblage of globalists.

Samsung targets record fourth quarter profit
Samsung Electronics expects its Q4 operating profit to grow 63.8 percent year-on-year to KRW 15.1 trillion (USD 14.1 billion). The tech giant is expected to elaborate on the results in its finalized report, which will be delivered later this month.

Gregg Popovich likes Kawhi Leonard's progress in return to lethal form
It has been a rough trip back from the quad injury for San Antonio Spurs superstar Kawhi Leonard. Over eight games, he's averaging 15.9 points, 4.3 rebounds, 2.1 assists and 1.8 steals per game.

Kia Niro EV Concept Achieves 238 Miles on a Charge
The new Niro EV Concept is expected to be able to cover up to 238 miles (383 kilometers) on a single charge. Last previous year , Kia Motors posted global sales of 2,746,188 units, decreasing 7.8 per cent from 2016.

With one withering comment, Natalie Portman made a big statement
Natalie Portman and Ron Howard speak onstage during the 75th Annual Golden Globe Awards at The Beverly Hilton Hotel on January 7, 2018 in Beverly Hills, California.

Yemeni troops advance to Al Hays under air cover from UAE Forces
United Nations deputy envoy Maeen Sharim arrived in Yemen's rebel-held capital Sanaa on Saturday, a security official at Sanaa airport told Xinhua.

National Football League officials to review if Panthers followed concussion protocol
Later, coach Ron Rivera claimed that Newton was "actually poked in the eye" and only taken to the tent as a precaution. So I'm gonna send him some sauce ", Jordan said - an obvious reference to Newton's earlier comments.