Chevron Blasts NYC's Pending Lawsuit as "Meritless"

NYC PAPERS OUT. Social media use restricted to low res file max 184 x 128 pixels and 72 dpi

A New York Times article this week describes efforts to redraw the city's flood maps, noting, "With its 520 miles of coastline and thousands of acres of waterfront development, New York has more residents living in high-risk flood zones than any other city in the country".

New York Mayor Bill de Blasio, shown at his January 1 swearing-in, announced Wednesday that city pension funds would divest from fossil fuel investments.

The suit names Exxon Mobil, BP and Conoco Phillips along with Chevron and Royal Dutch Shell. Most recently, the city of Santa Cruz filed a lawsuit that asks for fossil fuel companies to pay for damages associated not just with sea level rise, but with climate-related changes to the hydrologic cycle and its resulting impact on drought and wildfire. Which makes sense because NY, a city surrounded by water, is on the frontline when it comes to climate change impacts as well, from sea level rise to intense storms.

Climate advocates hailed what they say is a "watershed" moment on Wednesday following two announcements by New York City: that the city would seek to divest its pension funds from fossil fuels within five years, and that it filed suit against five fossil fuel giants for their role in driving the climate crisis. Suspending the growth of gas-fired generation capacity could indeed lead to serious problems with energy supply in NY and New England. Chevron spokesman Braden Reddall spoke to ABC News and said that suing oil companies will not help efforts to combat climate change.

In a statement to National Observer, Shell spokesman Ray Fisher said "climate change is a complex societal challenge that should be addressed through sound government policy and cultural change to drive low-carbon choices for businesses and consumers, not by the courts".

"Betámia Coronel, 350.orgStringer announced last month that he would soon bring a proposal to the trustees of the pension funds that included divestment".

The lawsuit also alleges that all of the companies were aware of their impact on climate change but instead, "sought to obscure them", the Washington Post notes. Works carried out using this initial funding will be the "first step" in preparing the city for climate change, but more will be needed. In 2016, he blocked the construction of the Constitution pipeline that would have transported natural gas from Pennsylvania to upstate NY and New England. The revelation was accompanied by reports that NYCHA, the city authority that runs the housing projects, had falsified lead-inspection reports, prompting calls for independent state monitoring.

Hurricane Sandy upended the city in 2012.

As reported by ABC News, Exxon Mobil's Scott Silvestri said: "Reducing greenhouse gas emissions is a global issue and requires global participation and actions".

ACCF cited a recent survey from the Spectrem Group, which found that 66 percent of NY retirement system members want managers to focus on maximizing returns and returning the city to fully funded status.

"Today's announcement sends a message that clean investments are a priority and ensures pensions are funded with the best interest of New Yorkers in mind", Powers said in the January 10 statement. De Blasio's team hopes that the other funds will join, too.

Related News:

Most liked

Bitcoin Struggles as South Korean Ban Pushes Forward
The price of bitcoin dropped sharply on Thursday after South Korea said it planned to ban trading in cryptocurrencies. Any bill to ban trading would need to pass the National Assembly, a process that could take many months or years.

Black Panther Star Unable to Get Tickets For Opening Night
Civil War kicked off the opening of summer 2016 during the first weekend of May with $179M. Ross, Andy Serkis as Ulysses Klaue, and Forest Whitaker as Zuri.

Warren Buffett Predicts 'Bad Ending' For Bitcoin
Despite his fondness for Cherry Coke and Oreos, Warren Buffett is fine. "They've both got Berkshire in their blood", Buffett said. The company is extremely decentralized with the subsidiaries largely running themselves on a daily basis.

Force Awakens Ending Almost Made a Huge Mistake Leading Into Last Jedi
To which the directors replied they cut the scene altogether in order to go a different route. If there was one thing that The Last Jedi had going for it, it was that it set up a lot.

1 cigarette is all it takes to get you addicted to smoking
Research found that 69% of people who had ever tried a cigarette had gone on to become a daily smoker , even if just temporarily. The studies include three studies from the United Kingdom , three from the US , one from Australia and one from New Zealand.

Armed robbers steal jewellery 'worth millions' from Ritz hotel in Paris
As the robbers opened fire on the hotel, guests at the Hemingway bar were told to "get down", eyewitnesses have said. Three of the armed robbers were arrested at the hotel during the drama at around 6.30pm local time, RTL reports.

Chelsea and Arsenal tied at nil-all in Carabao Cup semi-final
Chelsea and Arsenal have played an uninspiring goalless draw in the first-leg of their Carabao Cup semi-final on Wednesday night. Overall I believe that it is of course a good opportunity for us to go to Wembley where we want to go.

Jimmy Iovine Says He's Not Leaving Apple, Calls Rumours 'Fake News'
Should Iovine exit in the summer, he would be leaving having accomplished one key goal: the 2015 launch of Apple Music . The positive answer: Apple makes real revenue from the Beats headphone line Iovine sold them.

SpaceX Says Its Rocket Performed As Planned Amid Lost Satellite Rumors
A media query to Northrop Grumman , which manufactured the satellite, was not immediately returned Monday. But Strategic Command aren't the only ones who use radar and telescopes to track objects in orbit.

Robert De Niro slams Donald Trump, kisses Meryl Streep
De Niro asked, referencing Wilson in "Castaway". "Today, the world is suffering from the real Donald Trump ", he said. Both Streep and De Niro have been critics of Trump and Supported Hillary Clinton in the 2016 presidential election.

Pokemon GO Ending Support for Older Apple Devices in February
These users will lose access to any in-app purchased items, unless they upgrade their hardware to continue playing. You'll want to use these six Pokemon with these move sets to stand the best possible chance of winning.

Greta Gerwig expresses regret about working with Woody Allen
Allen's films inspired Gerwig, but she said she regretted that she ever worked with him on the 2012 film, " To Rome With Love ". Is this really the turning point? "But in order for things to meaningfully change, they need to change unequivocally".

Analyst Earnings Estimates Scan: Marathon Petroleum Corporation (MPC)
Following the sale, the vice president now directly owns 74,674 shares in the company, valued at approximately $4,848,582.82. Northern Capital Mgmt Limited Company invested 0.2% of its portfolio in Marathon Petroleum Corporation (NYSE:MPC).

Tanker and ship collision near Shanghai leaves 32 missing
CF Crystal , which was built in 2011, was due to arrive in China on January 10, according to Reuters ship tracking data. According to Reuters' ship-tracking data, the oil tanker was sailing from Kharg Island in Iran to Daesan, South Korea.

US Oil Output Will Hit 11 MMBOPD in 2019
Oil prices have surged more than 13 percent since early December, and there are indications of overheating. Traders are watching the surplus on the five-year average in crude oil inventories for signs of balance.