NY sues BP, Shell to 'protect city from climate change'

New York City

"This lawsuit is based upon the fundamental principle that a corporation that makes a product causing severe harm when used exactly as intended should shoulder the costs of abating that harm", New York City wrote in the lawsuit.

Five major oil exploration, production, and refining companies face lawsuits in the city of NY over allegations that they contributed to global warming, according to a new report by the Orlando Sentinel. So the city is suing BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell, the Associated Press reports.

"We're saying simply that this city - which suffered so deeply after Hurricane Sandy - has literally experienced billions and billions of dollars of damage as a result of climate change that these specific companies aided and abetted, and they should pay damages for that, very much the same way that tobacco companies were forced to pay damages for the disgusting impact that they had knowingly on public health for so many years". "Rising sea levels, increasing temperatures and precipitation, and the likelihood of more frequent and intense flooding threaten our neighborhoods and infrastructure while exacerbating many underlying social inequities".

NY would be the first major USA pension plan to divest from fossil fuel reserve owners, De Blasio and Stringer said in a joint statement.

Beyond the climate lawsuit, New York City also announced a goal of divesting the city's pension funds from all fossil fuel reserve owners within five years; the city's five pension funds now contain some $5 billion in fossil fuel investments.

Daren Beaudo, ConocoPhillips' director of media relations and crisis communications, said the company doesn't comment on pending litigation. While the lawsuit will take time to resolve, the divestment option could have a more immediate impact, both on fossil fuel companies, and the inhabitants of NYC.

"ExxonMobil welcomes any well-meaning and good faith attempt to address the risks of climate change", Suzanne McCarron, Exxon's vice president of public and government affairs, wrote. NY said that would become first major US pension plan to complete such an exit.

Samsung Electronics posts biggest operating profit in 2017
Full-year sales were expected to amount to KRW 239.6 trillion, up 18.7 percent from KRW 201.9 trillion in 2016, Samsung said. The tech giant is expected to elaborate on the results in its finalized report, which will be delivered later this month.

Today, four out of every five taxpayer-dollars collected by New York City's personal income tax are spent paying down the city's public pension fund system's liabilities, a 567 percent increase over the past 15 years.

Norway's trillion-dollar wealth fund, the largest of its kind, in November proposed cutting billions of dollars in oil and gas stocks.

The case will also point to evidence that firms such as Exxon knew of the impact of climate change for decades, only to downplay and even deny this in public. Bill McKibben, author and co-founder of 350.org, said: "New York City today becomes a capital of the fight against climate change on this planet".

"It's time for them to start paying for the damage they have done", Mr.de Blasio said at a press conference at the Manhattan Youth Center.

"Reducing greenhouse gas emissions is a global issue and requires global participation and actions", said Exxon Mobil's Scott Silvestri.

"Certainly, the magnitude of past expenditures in dealing with the resiliency issues and remediating from the devastating effects of Sandy has been in the billions", he said, referring to the 2012 superstorm.

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