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.