Oil Companies Delivered Powerful Blow From New York City
New York City delivered a powerful blow to the fossil fuel industry by launching a climate change lawsuit against the biggest oil companies and promising to dump billions of dollars of fossil fuel stocks.
New York became the largest American city to sue Big Oil, demanding that ExxonMobil, Chevron (CVX), BP (BP), Royal Dutch Shell and ConocoPhillips (COP) pay for the cost of protecting the city from the "existential threat" of climate change.
The city on Wednesday also announced a goal to divest its $189 billion pension system from fossil fuel reserve owners within five years. New York said that would become first major U.S. pension plan to complete such an exit.
The lawsuit, filed on Tuesday, claims the city "already has suffered damage from climate change," including coastal erosion and tidal flooding. It said the city faces "imminent threats to its property, its infrastructure and the health and safety of its residents."