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NYC sues, divests from oil firms over climate change
Key Excerpts from Article on Website of ABC News/Associated Press
Posted: January 15th, 2018
http://abcnews.go.com/Technology/wireStory/nyc-taking-steps-...
New York City is taking on the oil industry on two fronts, announcing a lawsuit Wednesday that blames the top five oil companies for contributing to global warming and saying the city will sell off billions in fossil fuel investments from the city's pension funds. Democratic Mayor Bill de Blasio received immediate blowback from some of the companies, while winning praise from environmentalists and others. "We're bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits," the mayor said. "As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient." The city alleges the fossil fuel industry was aware for decades that burning fuel was impacting climate change. The defendants in the city's federal lawsuit are BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell. New York's lawsuit ... follows similar litigation filed by San Francisco, Oakland, and Santa Cruz in California. Also Wednesday, de Blasio and Comptroller Scott Stringer said they intend to divest the city's five pension funds of roughly $5 billion in fossil fuel investments out of its total of $189 billion. The divestment is the largest of any municipality in the U.S. to date. "Safeguarding the retirement of our city's police officers, teachers and firefighters is our top priority, and we believe that their financial future is linked to the sustainability of the planet," Stringer said.
Note: For more along these lines, see concise summaries of deeply revealing climate change news articles from reliable major media sources.
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