New York City sues oil companies for climate change

12 January, 2018, 03:38 | Author: Martin Tyler
  • New York City sues oil companies for climate change

The city will seek billions in damages to cover infrastructure improvements needed to protect New Yorkers from the increasing effects of climate change. "Reducing greenhouse gas emissions is a global issue that requires global engagement".

ACCF cited a recent survey from the Spectrem Group, which found that 66 percent of NY retirement system members want managers to focus on maximizing returns and returning the city to fully funded status.

Kenneth P. Cohen, a representative for Exxon, flatly denied suppressing climate change research. "The temperature in the City is rapidly increasing, sea levels are rapidly rising, coastal storms are causing increased flooding, and extreme precipitation events are increasing throughout the Northeastern United States". "We all learned in kindergarten that when you make a mess, you apologize and help clean it up", says Ken Adams, coordinating counsel for the Center for Climate Integrity, in a statement. De Blasio claims that this would be the largest divestment of its kind, though other cities, including Washington, D.C. and Berlin, have already announced divestment plans. Suspending the growth of gas-fired generation capacity could indeed lead to serious problems with energy supply in NY and New England. "In the absence of leadership from the White House, it's encouraging to see city and state leaders like Mayor de Blasio stepping up and taking meaningful action to defund the fossil fuel industry and fight climate change". And what a frightful, disgusting way to profit - the way it puts so many people's lives in danger. The Guardian also reported that two California counties are suing 37 fossil fuel companies for their alleged involvement in emitting greenhouse gases.

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As for the lack of heat and hot water, the mayor said, rather airily: "The folks who work at NYCHA are trying to hold something together...that really should've gotten investment a long time ago". "It's time that things change in the way we do business".

The Mayor also announced a goal to divest City funds from fossil fuel reserve owners within five years that would make New York City the first major USA pension plan to do so.

"We're using this moment to send a message to the world", New York Comptroller Scott Stringer said.

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"This is one of a handful of the most important moments in the 30-year fight against climate change", said Bill McKibben, the activist and Nation contributor, who joined de Blasio in addressing the press conference.

Well, we happen to think - and does anyone really doubt it? - that he is clearing the decks for a presidential run on a sharply leftist progressive platform he believes will attract enough voters in November 2020 for a Democratic victory. The mayor told reporters, "I just don't buy the notion that in the 21 century if you leave the boundaries of the five boroughs the government ceases to work".

Even the head of the oil and gas industry's largest lobbying group publicly says that climate change is real and he wants to discuss solutions.

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"Government pension managers have a responsibility by law to seek the greatest return for their investors, and pensions that invest in oil and natural gas companies have delivered a stronger return than other investments".


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