NYC to Big Oil: It’s Time to Pay for Climate Change
New York City is suing five of the world's biggest oil firms in a bid to cover expensive preparations for rising sea levels and extreme weather. BP, Exxon Mobil, Chevron, ConocoPhillips, and Shell are all being taken to court by the city, reports the Guardian.
The aim: Court documents explain that NYC wants to "shift the costs of protecting the city ... back on to the companies that have done nearly all they could to create this existential threat." NYC stands to be hit hard by climate change, being home to masses of expensive but low-lying real estate.
Its case: The city will argue that fossil-fuel producers are responsible for the majority of greenhouse-gas emissions since the Industrial Revolution, and that they knew about—but downplayed—the impact they would have on the climate.
The kicker: NYC will also pull $5 billion of pension fund investment from fossil-fuel firms.
Deep Dive
Climate change
A startup says it’s begun releasing particles into the atmosphere, in an effort to tweak the climate
Make Sunsets is already attempting to earn revenue for geoengineering, a move likely to provoke widespread criticism.
Radar and laser breakthroughs serve humanitarian ends
Innovations in directed-energy systems could save lives and aid disaster recovery.
This is where Tesla’s former CTO thinks battery recycling is headed
JB Straubel speaks about his company, Redwood Materials, and what challenges loom for batteries.
Why EVs won’t replace hybrid cars anytime soon
Plug-in hybrids won’t get the world to zero emissions, but they can help cut climate impacts somewhat. Toyota is betting they’ll stay in the mix for a while.
Stay connected
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.