It's taking some of the most powerful oil companies to task by suing them.
In 2012, Hurricane Sandy took a heavy toll on New York City, knocking out power and transportation, destroying homes, and causing tens of billions of dollars worth of damage. ExxonMobil and Royal Dutch Shell, charging that the world's five largest publicly traded oil companies are partially responsible for global warming and have known about the consequences of fossil fuels to the environment but have tried to hide it. But today, we talk about how we break the cycle. Currently, New York City's five pension funds have about $5bn in fossil fuel investments.
New York City is taking a stand, and it is a city that tends to set the fashion. Filing a lawsuit against oil and gas companies is the solution and the answer to counter the existential threat of fracking.
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Accordingly crude import bill will rise by around USD 1.5 billion for every dollar increase in crude price, the report said. Oil prices settled higher Friday as Russia's oil minister said that global crude supplies were "not balanced yet".
The motion would also request that the city file an amicus brief in support of the NY and California lawsuits. These are accusations Exxon is challenging, and it has argued that action against it is political.
Exxon is fighting a MA investigation as well.
New York City will now become one of a growing number of cities divesting from at least some types of fossil fuels, as well as universities, including Oxford and the London School of Economics in the UK.
New York City is seeking to lead the assault on both climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the world's most powerful oil companies over their contribution to unsafe global warming.
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The legal action and the divestment draw perhaps the starkest dividing line yet between NY and the Trump administration on climate change.
"Reducing greenhouse gas emissions is a global issue and requires global participation and actions", Exxon said in a statement.
The move is bold and worthy, and it may now increase pressure on other towns and cities to follow suit.
The court filing claims that just 100 fossil fuel producers are responsible for almost two-thirds of all greenhouse gas emissions since the industrial revolution, with the five targeted companies the largest contributors.
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- Write to your MP and raise your concerns about climate change and North Sea oil exploration.