New York City mayor Bill de Blasio announces that the city will divest from fossil fuels and has filed a lawsuit against five major fossil fuel companies, including BP and Royal Dutch Shell, for climate damages
The city of New York plans to divest $5bn (£3.7bn) from fossil fuels and sue some of the world’s most powerful oil companies for their contribution towards climate change.
Officials in the city have set a goal of divesting New York’s $189bn (£140bn) pension funds from fossil fuel companies within five years. They say it would be “among the most significant divestment efforts in the world to date”. New York’s announcement brings the total number of global divestment commitments to 810 institutions representing more than $6tn (£4.5tn) in assets.
Mayor Bill de Blasio said the city has filed a lawsuit against five major fossil fuel companies – ExxonMobil, Chevron, BP, Shell and ConocoPhillips – for climate damages. New York seeks damages for the impacts of climate change on the city that have reportedly already amounted to billions of dollars, and the billions necessary to prepare for rising sea levels, more powerful storms and warmer temperatures.
In 2012 Superstorm Sandy became the second-costliest storm to date at more than $65bn (£48.2bn) in damages.
We’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and…
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