NY sues oil companies, plans divestment from pension funds

NY sues oil companies, plans divestment from pension funds

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

New York City follows cities and counties in and that have either filed or announced pending climate impact litigation.

Four Los Angeles City Council members Friday called on the city to file a lawsuit against large oil companies and seek to hold them responsible for damage to the city from climate change. The city's move is among the most significant divestment efforts in the world to date.

However, he acknowledged that the lawsuit against BP, Chevron, Conoco Phillips, Exxon Mobil and Royal Dutch Shell - which says that the companies were aware for years that burning fossil fuels caused climate change, but hid the conclusions of their scientists - could take years to reach a resolution. The mayor's office noted in a recent statement that Hurricane Sandy was a lesson for us on climate change's destructivity.

In addition to the lawsuit, New York City intends to divest the approximately $5 billion the city's pension funds have invested in over 190 fossil fuel companies. NY state had previously subpoenaed (request for evidence by court order) documents from Exxon, in 2016, in a bid to uncover whether the oil company misled investors over the risks of climate change.

In reaction to the lawsuits that already have been filed by the California municipalities, Exxon threatened a counter-lawsuit for "abuse of government power", while Shell said that climate change "is a complex societal challenge" that should be addressed through government policies and cultural changes, and "not by the courts", the Washington Post reported.

Both theories have been used to attack polluters, though not on the scale of global climate change. Activists, students and voters packed an auditorium at the Borough of Manhattan Community College for hours, recounting stories of asthma exacerbated by air pollution and homes flooded by rising waters.

His position as Mayor is to run the city and not to tour the country promoting his progressive political agenda.

Still, air pollution hit an a year ago after the city tightened heating oil rules.

In the short-term, annual pension costs are hitting levels not seen since New York's economic crisis in the late 1970s. Representatives of some of those organizations spoke Wednesday in NY.

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 Articles

  • Man Confesses to Killing Man 25 Years Ago During TV Interview

    Man Confesses to Killing Man 25 Years Ago During TV Interview

    McAlister had a large amount of cash that the trio wanted to steal to buy methamphetamine, Hawkins said. Once in a rural area of Shasta County, Hawkins and the Culvers conspired to murder McCalister.
    Download the Stat Attack podcast for Premier League predictions

    Download the Stat Attack podcast for Premier League predictions

    They have already won at Manchester United and Chelsea but I am going for a draw for Pep Guardiola's side this time. City have had an extremely hard time of things at Anfield down the years so will be looking to buck that trend.
    HTC U11 EYEs Launch Expected January 15; Price and Specifications Leak Alongside

    HTC U11 EYEs Launch Expected January 15; Price and Specifications Leak Alongside

    There is also a microSD card slot, which enables users to further expand the phone's storage capacity using a microSD card. Despite the 6-inch Super LCD display the front bezels seems to be thinner and the corners are noticeably rounded off.
  • Crown Jewels Hidden From Nazis in a Cookie Tin

    Crown Jewels Hidden From Nazis in a Cookie Tin

    When asked about her miles-long ride around London in the Gold State Coach , the queen recalled it was "not very comfortable". It weighs almost 3 pounds, and Queen Elizabeth II jokes that you can't look down while wearing it or your neck might break.
    Disney announces Star Wars: Rivals, a PvP shooter for Android and iOS

    Disney announces Star Wars: Rivals, a PvP shooter for Android and iOS

    Master special abilities unique to the Star Wars universe like Darth Vaders Choke and Admiral Ackbars devastating Orbital Strike. Though, that shouldn't be too surprising for Star Wars fans to find out, as Disney is always looking to make some money.
    Marion Sears; West Frankfort, Mount Vernon Kmart stores to close

    Marion Sears; West Frankfort, Mount Vernon Kmart stores to close

    Sears Holdings closed the Sears store and auto center in Chico in 2017, but the Redding Sears and auto center are still open. The closest Kmart stores to Enid are located in Clinton, Shawnee and Wichita, Kan., according to Kmart's website .
  • Shepard Smith Hits Trump With A Brutal Fact Check On Russia Investigation

    Asked if that meant Trump son-in-law Jared Kushner was no longer of interest to the committee, Grassley said, "no, not at all". Schumer continued, "Here is the president of the United States imploring his party to take control of the investigation".
    RSF urges Myanmar to free two Reuters reporters

    RSF urges Myanmar to free two Reuters reporters

    Than Zaw Aung said that the plaintiff, Yu Naing, objected when the lawyer applied for bail on behalf of the accused. It will be their second appearance in court and the prosecutor could request that charges are filed against them.
    UIDAI Introduces Aadhaar Virtual ID and Limited KYC

    UIDAI Introduces Aadhaar Virtual ID and Limited KYC

    From June 1, 2018 it will be compulsory for all agencies that undertake authentication to accept the Virtual ID from their users. At the time of generating the Virtual ID , people will also have an option for defining the validity period of the Virtual ID .
  • NYC halts $9.6M incentive package to move Aetna to city

    NYC halts $9.6M incentive package to move Aetna to city

    In Friday's statement, CVS said it views Hartford "as the future location of our center of excellence for the insurance business". Aetna told WNPR in an email , "all Aetna locations will be evaluated as part of the integration planning process".
    Van Dijk not daunted by huge transfer fee

    Van Dijk not daunted by huge transfer fee

    The Reds spent £75 million to sign the Dutch global and he became the most expensive defender in football history. But the 26-year-old says the chance to join the Reds and play under manager Jurgen Klopp was irresistible.
    Paul Ryan Throws in the Towel on Entitlement Reform

    Paul Ryan Throws in the Towel on Entitlement Reform

    He was not on the same page, however, with Senate Majority Leader Mitch McConnell, who rejected the idea just before Christmas. Given that reality, Ryan said Democrats have to be on board with any changes to the three major programs.