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Should Big Oil Pay For Climate Change?

Should Big Oil Pay For Climate Change?

On Wednesday, New York City announced that it would sue the five oil majors—ExxonMobil, Chevron, ConocoPhillips, Royal Dutch Shell and BP—over their role in fueling climate change.

Also, New York City Mayor Bill de Blasio said that the city’s $189 billion pension fund would divest itself of fossil fuels, although such a move would need to be approved by the funds’ trustees. “This is a tragedy that was wrought by the fossil-fuel companies,” de Blasio said at a news conference. “We are going after those who have profited. And what a horrible, disgusting way to profit.” The proposal would withdraw the $5 billion it has in fossil fuel investments.
 
The lawsuit seeks compensation for the cost that the city would incur to insulate itself from the effects of climate change, which would include a long list of actions, such as upgrading sewer and water infrastructure, coastal defenses, seawalls, and a variety of public health measures. “In this litigation, the City seeks to shift the costs of protecting the City from climate change impacts back onto the companies that have done nearly all they could to create this existential threat,” the complaint from NYC said.
 

The oil majors largely dismissed the suit. Chevron said the compliant was “factually and legally meritless,” according to the WSJ. The other oil majors intimated similar messages, while also acknowledging that there needs to be some sort of large-scale effort to address climate change, although they were vague on what that actually meant in practice.

Continued: https://finance.yahoo.com/news/big-oil-pay-climate-change-230000340.html