NYC Sues Fossil Fuel Industry over Hidden Costs of Climate Change

NYC Sues Fossil Fuel Industry over Hidden Costs of Climate Change

New York City announced on Wednesday that it filed a multibillion-dollar lawsuit against five top oil companies, citing their "contributions to global warming", as it said it would divest fossil fuel investments from its $189-billion public pension funds over the next five years.

The motion would also request that the city file an amicus brief in support of the NY and California lawsuits.

The lawsuit against oil giants BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell seeks to recoup billions in climate-related damages the city has already incurred, as well as pay for billions in new infrastructure and resiliency measures to fortify the city and protect its residents moving forward, officials say.

New York City follows cities and counties in and that have either filed or announced pending climate impact litigation. The mayor's office noted in a recent statement that Hurricane Sandy was a lesson for us on climate change's destructivity.

New York Governor Andrew Cuomo previously has said he planned to halt future fossil fuel investments in the state's public employee pension fund.

The lawsuits are the latest legal challenges against oil companies over climate change and come as the firms are searching for new business models amid pressure by governments and consumers for cleaner energy. But, even if there was, blaming this on the oil companies alone is disingenuous. It is unfortunate that the people who will need the pension monies will be deprived of potential wealth because of political posturing. The city's move is among the most significant divestment efforts in the world to date. The company's filing also argued the lawsuits were politically motivated and linked to cases brought by the states of NY and MA.

More news: President Trump Honors the Legacy of Dr. King

In total, the city's five pension funds hold roughly $5 billion in the securities of over 190 fossil fuel companies.

But it's not just NY taking on the oil industry.

His position as Mayor is to run the city and not to tour the country promoting his progressive political agenda. In September, de Blasio's rollout of a new set of mandates to cut emissions from big buildings from the New York City Council, which accused the mayor of acting unilaterally and failing to go far enough with the proposed rules.

Part of New York City's vulnerability is that it is surrounded by water.

Bill McKibben, one of the co-founders 350.org, said in a statement that NYC stepping up to the plate in this matter is a huge step in battling fossil fuel emissions.

Related News:

  • Liverpool boss Jurgen Klopp: 'Virgil van Dijk may not face Manchester City'

    Liverpool boss Jurgen Klopp: 'Virgil van Dijk may not face Manchester City'

    Last weekend, Van Dijk marked his first appearance since a £75m move from Southampton with the winning goal as Liverpool defeated Everton in the FA Cup third round.
    Brokerages Expect Tenet Healthcare Corp (THC) to Announce $1.29 EPS

    Brokerages Expect Tenet Healthcare Corp (THC) to Announce $1.29 EPS

    Vetr upgraded QUALCOMM Incorporated (NASDAQ:QCOM) rating on Wednesday, August 19. (NYSE:AI) rating on Wednesday, October 28. ValuEngine downgraded shares of Tenet Healthcare from a hold rating to a sell rating in a report on Sunday, December 31st.
    TiVo announces Google Assistant, Alexa, and IFTTT support

    TiVo announces Google Assistant, Alexa, and IFTTT support

    LG's Smart Display is set to have an 8-inch touchscreen enabled panel (we don't know the resolution yet, but it's most likely HD). The 8-inch model is priced at $199 while the 10-inch will retail at $249 when it goes on sale in early summer.
  • CVS to keep Aetna in Hartford

    CVS to keep Aetna in Hartford

    But that plan was cast into doubt as the insurer reached a merger agreement with Rhode Island-based pharmacy chain CVS. At that time, Aetna said all of its locations would be evaluated as part of its integration with CVS.
    MLB Trade Rumors: Manny Machado Being Pursued By Arizona Diamondbacks

    MLB Trade Rumors: Manny Machado Being Pursued By Arizona Diamondbacks

    Right-hander Kevin Gausman and second baseman Jonathan Schoop are Baltimore's only arbitration-eligible players without deals. Reports earlier Friday had the O's heading to an arbitration hearing with Machado after failing to agree by the 1 p.m.
    Intel's Meltdown and Spectre patches are causing reboot issues in older chips

    Intel's Meltdown and Spectre patches are causing reboot issues in older chips

    There are important roles for everyone: Timely adoption of software and firmware patches by consumers and system manufacturers is critical.
  • Southwestern Energy (NYSE:SWN) Holdings Trimmed by California State Teachers Retirement System

    Cowen set a $9.00 target price on Southwestern Energy and gave the stock a "buy" rating in a report on Wednesday, October 18th. Several analysts are forecasting growth estimate of Southwestern Energy Company for the current quarter to be 50%.
    'Sneaky' Feinstein Needs to Be Primaried

    'Sneaky' Feinstein Needs to Be Primaried

    We strongly believed that publishing the disputed document whose existence we and others were reporting was in the public interest .

    Stocks to Track: Boston Scientific Corporation (BSX), Facebook, Inc. (FB)

    The medical equipment provider reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. The Teacher Retirement System Of Texas holds 226,959 shares with $29.19 million value, up from 99,847 last quarter.
  • Man rams armored personnel carrier into shop, steals wine

    Man rams armored personnel carrier into shop, steals wine

    Not surprisingly, it's believed the man already was drunk when he chose to take his course of action, the Guardian reports . According to Reuters , local townspeople said the man appeared drunk as he stole the vehicle from a training ground.
    Another $50K Powerball victor

    Another $50K Powerball victor

    Five other people in Wisconsin scored four out of five numbers plus the Powerball . "And he said we won $250,000!" said Baumchen. The winning entry was purchased at a Tatts outlet, was unregistered so the identity of the new millionaire remains a mystery.

    Paul Ryan says Trump's slur against African countries is 'unfortunate, unhelpful'

    Durbin said "shitholes" was "the exact word used by the president not just once but repeatedly ". When told that Trump denied making the remarks, Durbin said: "It speaks for itself".


Most liked

Star Wars: Rivals Action Shooter Announced For iOS And Android
Additionally, players can enhance special skills like Darth Vader's Choke and Admiral Ackbar's Orbital Strike. Preregister on Android at the Google Play store or download it from the App Store if you're on iOS.

House Democrats call on Republicans to pull FISA bill, cite Trump tweet
But Republicans, battling a last-minute push from conservative lawmakers, gambled on moving forward with a vote. The Senate is expected to vote on the bill next week, before the program expires on January 19.

Fit for Manchester City clash
This kind of game shows how your mentality is. "They play really good and if you don't respect that, you have a problem", Klopp said. "He was in Barcelona this week and the news is quite good ".

Findings due of college's dealing with of sexual misconduct
Rich Feldman will take over from Joel Seligman, who announced he would step down to give the university a fresh start. The nine complainants followed up with a federal lawsuit against the university, Seligman and the provost last month.

Gov. Abbott directs TEA to take action to fix special education
School district officials said they expected they would receive less monitoring if they served 8.5 percent of students or fewer. TEA has denied allegations that it capped services for students.

Niantic Announces Pokemon Go Community Day Event Featuring Surfing Pikachu
What better way to kick off the Pokemon Go Community Day than to feature the beloved mascot Pikachu . For January's event, Niantic has already confirmed the special Pokemon will be Surfing Pikachu.

Speaker Paul Ryan calls Pres. Trump's immigrant remarks 'unfortunate' and 'unhelpful'
Trump comments: "First thing that came to my mind was very unfortunate, unhelpful". "I think it's important we celebrate that". The Irish people were really looked down upon in those days.

Revenue Estimates Analysis Bank of America Corporation (BAC)
Mariner Wealth Advsrs Limited Liability Company reported 121,504 shares. 34,038 are held by Folger Nolan Fleming Douglas Cap Mgmt. It shows a stock price recent trends and movement that can help investor and traders in trading. (NYSE:RSG) for 1.21M shares.

'My Next Guest Needs No Introduction with David Letterman'
Longtime Letterman fans were relieved to see him back on their television screens after almost being off the air for three years. While Letterman obviously isn't a fan of Trump, who appeared on The Late Show several times , the focus isn't him.

Pakistan routs NZ's lower order
The 36-year-old added Pakistan can replicate their Champions Trophy turn of fate and upstage New Zealand in the series. The second match had nothing different expect Pakistan batting first, and they were again short of runs.

Martin O'Neill in talks with Stoke City
Republic of Ireland manager Martin O'Neill had no comment for waiting media as he entered a banquet in Dublin on Friday night. Should Keane not leave then Steve Walford, Steve Guppy and Seamus McDonagh are in contention for roles.

Viacom, CBS jump on report of new re-merger pursuit
Sources told TheWrap that Redstone believes that a larger company would be more competitive in the current media environment. This would not have been the first time a Redstone has pushed for a CBS-Viacom merger since they split over a decade ago.

Putin says Kim Jong Un 'certainly won' latest standoff on nuclear weapons
North Korea tested an intercontinental ballistic missile that demonstrated the theoretical range of hitting anywhere in the U.S. North Korean officials have confirmed that the offer was made, per The Independent , but a resolution has not yet been reached.

United Kingdom launches 25-year plastic waste plan
May unveiled the news as part of a "national plan of action" in which a new environmental agenda is set to take centre stage. He said that the plan "rightly places our environment at the heart of government strategy".

US Seeks to Interdict North Korean Shipping
The possible measures include maritime interdiction to stop and inspect boats carrying goods to North Korea . It is unclear whether Pyongyang has also initiated conversations with the United States.