New York Sues Fossil Fuel Majors and Pension Funds

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"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.

Introduced by City Councilmembers Mike Bonin and Paul Koretz, the motion directs the city attorney to explore options for the suit and requests an amicus brief in favor of New York's recent lawsuit against five major oil companies for damages caused by climate change.

The leaders signed a motion that was introduced and would direct City Attorney Mike Feuer to report to the council on options for filing claims against oil companies in a similar manner that the city of NY undertook earlier this week by filing a lawsuit against BP, Chevron, Conoco-Phillips. Two Californian counties and one city have filed a lawsuit against 37 fossil fuel companies, including Exxon, which are known to emit unsafe amounts of greenhouse gases.

The other defendants in the NY lawsuit declined to comment to The Post. Neither BP nor Shell could immediately be reached.

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Exxon this week hit back against the California lawsuits in a filing with a Texas state court, pointing out that none of the cities disclosed such risks to bond buyers and arguing the lawsuits were politically motivated and linked to cases brought by the states of NY and MA.

The motion would also request that the city file an amicus brief in support of the NY and California lawsuits. ExxonMobil and Royal Dutch Shell, charging that the world's five largest publicly traded oil companies are partially responsible for global warming and have known about the consequences of fossil fuels to the environment but have tried to hide it. Shares of Exxon Mobil and ConocoPhillips were down slightly, while Chevron and BP shares were up slightly.

NY is preparing to oppose both climate change and the administration of President Donald Trump with plans to withdraw 5 billion Dollars of investments in fossil fuels and bring legal action against some of the most influential oil producers for the input to global warming.

Commenting on the news that New York City is divesting its massive pension fund from fossil fuels, McKibben says "its decision signals the start of a real rout".

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