New York sues fossil fuel majors, plans divestment from pension funds

11 Jan 2018   Climate, USA

New York City announced on Wednesday that it filed a multibillion-dollar lawsuit against five top oil companies, citing their “contributions to global warming,” as it said it would divest fossil fuel investments from its $189 billion public pension funds over the next five years. The lawsuit, against BP Plc, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell Plc, follows similar lawsuits filed last year by San Francisco and other California cities seeking billions of dollars in damages from rising sea levels due to climate impacts. “Safeguarding the retirement of our city’s police officers, teachers, firefighters and city workers is our top priority, and we believe that their financial future is linked to the sustainability of the planet,” Comptroller Scott Stringer said in the statement. The lawsuits are the latest legal challenges against oil companies over climate change and come as the firms […]

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