The New York City wants the fossil fuel industry to shoulder the hidden costs of climate change like the devastation brought by extreme weather and the climate-related health problems.
The city has recently filed a lawsuit against Chevron, ExxonMobil, BP, and the Royal Dutch Shell. On Wednesday, Mayor Bill de Blasio’s office unveiled the legal move, underlining the many risks climate change is posing for New Yorkers.
The lawsuit links global warming to extreme temperatures, severe snowfall, risen sea levels, and more flooding across the state. The mayor’s office noted in a recent statement that Hurricane Sandy was a lesson for us on climate change’s destructivity.
de Blasio also said that the NYC plans to no longer invest the city’s pension funds in Big Oil industry stock. The New Yorkers’ pension funds are currently worth $189 billion.
The municipality said that climate change cost the city billions of dollars in efforts to revamp sewer infrastructure, shore up coastal areas, and protect drinking water sources.
NYC Takes on Fossil Fuel Industry
The efforts will cost the Big Apple $20 billion, and the mayor wants Big Oil to help foot the bill. The city accused the fossil fuel industry of being aware of the hidden risks of their business but misleading the public on it for decades.
They deliberately engaged in a campaign of deception and denial about global warming and its impacts,
de Blasio’s office said.
A 2017 study revealed that Exxon had known about the human contribution to creating climate change, but it kept the issue secret.
- The New York City is not the only municipality to take on oil companies.
- Seven Californian cities have sued the fossil fuel industry over the same reason.
Oil companies promised to fight the issue vigorously in courts. Exxon told AP that it has addressed climate change through all “good faith” tools, and a lawsuit is not the answer.
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