NY sues oil companies, plans divestment from pension funds

New York City plans to divest $5bn from fossil fuels and sue oil companies

New York Sues Fossil Fuel Majors and Pension Funds

It's taking some of the most powerful oil companies to task by suing them.

"New York City is standing up for future generations by becoming the first major U.S. city to divest our pension funds from fossil fuels", said de Blasio in a statement.

NY was badly rattled by Hurricane Sandy in 2012 and faces costs escalating into the tens of billions of dollars in order to protect low-lying areas such as lower Manhattan and the area around JFK airport from being inundated by further severe storms fueled by rising sea levels and atmospheric warming.

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. But today, we talk about how we break the cycle.

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Additionally, Mayor de Blasio's resistance to President Trump is not in the best interests of New York City residents.

New York City is taking a stand, and it is a city that tends to set the fashion. The news also comes as research shows that climate change will pose a major threat to millions of people living around rivers. Filing a lawsuit against oil and gas companies is the solution and the answer to counter the existential threat of fracking.

But it's not just NY taking on the oil industry. The company's filing also argued the lawsuits were politically motivated and linked to cases brought by the states of NY and MA.

Exxon is fighting a MA investigation as well.

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Marin County, San Mateo County, Santa Cruz County and the cities of San Francisco, Oakland and Imperial Beach also have filed similar lawsuits against oil companies, the motion said.

"Reducing greenhouse gas emissions is a global issue and requires global participation and actions", Exxon said in a statement. They're claiming this move is "among the most significant divestment efforts in the world to date".

"At the same time, we're bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits". "Taxpayers should not be footing the bill for infrastructure repairs that likely wouldn't have been necessary had it not been for the willful neglect of the fossil fuel industry".

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