New York sues oil companies, skeleton divestment from grant funds
New York City announced on Wednesday that it filed a multibillion-dollar lawsuit opposite 5 tip oil companies, citing their “contributions to tellurian warming,” as it pronounced it would deprive hoary fuel investments from a $189-billion open grant supports over a subsequent 5 years.
The lawsuit against BP, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell follows identical lawsuits filed final year by San Francisco and other California cities seeking billions of dollars in indemnification from rising sea levels due to meridian impacts.
“Safeguarding a retirement of a city’s military officers, teachers, firefighters and city workers is a tip priority, and we trust that their financial destiny is related to a sustainability of a planet,” Comptroller Scott Stringer pronounced in a statement.
The lawsuits are a latest authorised hurdles opposite oil companies over meridian change and come as a firms are acid for new business models amid vigour by governments and consumers for cleaner energy.
“Reducing hothouse gas emissions is a tellurian emanate and requires tellurian appearance and actions,” Exxon pronounced in a statement. “Lawsuits of this kind — filed by hearing attorneys opposite an attention that provides products we all rest on to energy a economy and capacitate a domestic life — simply do not do that.”
New York filed a lawsuit opposite BP, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell. (Stefan Wermuth/Reuters)
Chevron also pronounced a lawsuits usually offer special interests. ConocoPhillips declined to comment. Neither BP nor Shell could immediately be reached.
Exxon this week strike behind opposite a California lawsuits in a filing with a Texas state justice that points out nothing of a cities disclosed such risks to bond buyers. The company’s filing also argued a lawsuits were politically encouraged and related to cases brought by a states of New York and Massachusetts.
In afternoon trading, batch prices for a companies were mixed. Shares of Exxon Mobil and ConocoPhillips were down slightly, while Chevron and BP shares were adult slightly.
New York’s idea of expelling about $5 billion in bonds of scarcely 200 oil companies would be among a biggest open grant divestments from hoary fuels to date, a city pronounced in a statement.
Norway’s trillion-dollar resources fund, a largest of a kind, in Nov due slicing billions of dollars in oil and gas stocks.
New York Governor Andrew Cuomo formerly has pronounced he designed to hindrance destiny hoary fuel investments in a state’s open worker grant fund.
Article source: http://www.cbc.ca/news/business/new-york-city-lawsuit-fossil-fuel-companies-1.4482073?cmp=rss