Posted on 01/10/2018 9:59:05 AM PST by Oldeconomybuyer
The city is moving to dump its investments in fossil fuels, and suing five big oil companies charging they are responsible for global warming that has cost the city billions.
Mayor de Blasio and City Controller Scott Stringer plan to announce at a press conference Wednesday that the city's pension funds will aim to divest from $5 billion in investments of more than 190 fossil fuel companies within five years.
And the city filed a lawsuit in Manhattan federal court against five big oil companies — BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell — looking to force them to help foot the bill for the $20 billion the city is spending to rebuild from Hurricane Sandy and protect itself against future storms.
"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," de Blasio said.
(Excerpt) Read more at nydailynews.com ...
NY sued Microsoft and Intel for nonsense and won both.
The end result is both companies started backing the RAT roadmap with $$$ and public support.
The law suits ended soon after.
This is their goal.
It depends on the jury.
ML/NJ
Shut off all pipelines to NYC to save the dummies who still live there from globull warming. Cuomo and De Blasio can heat them with their hot air. Not one penny for not-even-a-hurricane Sandy repairs, because energy customers have already paid for recovery with our taxes.
NYC has dropped from it's high of $.001161 reached 3 days ago.
Concur all of these states that are against most types of traditional energy should pay a significant premium for their energy.
CA, NY, MD and many more can’t have it both ways.
What kind of insanity is this?!
The judges should find summarily for the oil companies and then charge the mayor, personally, millions of dollars for filing a frivolous lawsuit and wasting the money of NYC taxpayers.
Nah, I'm guessing the same guys that ran Solyndra have gone off into other sham "green" energy companies, so there are plenty of opportunities to abstain from fiduciary obligations to the retirement funds, and "feel good about it".
That's not to mention padding some personal offshore accounts as well.
Exactly, stop selling heating oil in NYC. Or stop selling it to DeBlasio to heat Gracie Mansion.
And they call Trump psychotic.
A stupid move .The tax revenue from those exports of so called fossil fuels could and should be going to cover our national debt.
sources please ‘
‘NYC gets most of its power from hydro plants in Canada’
Managers of pension funds have fiduciary responsibilities. When they engage in social justice warfare virtue signaling to the detriment of their clients, I would think there is a cause of action.
It’s a fantasy but I’d love to see the oil and gas companies simply turn off the taps to everything within 100 miles of the east and west coasts. Just for a little while.
These city and state ‘leaders’ are malignant morons on a scale which English lacks the vocabulary to adequately convey.
Grifters gonna grift.
Good, dump them, fire sale for the shares so I can buy some.
Sandy mostly damaged properties within a flood zone that shouldn’t have buildings on them to begin with.
No tears for people that buy property in a flood zone.
Indeed.
Is the mayor a moron? Oh wait, he is a liberal so yes he is! Is he sueing the sun?
I thought people were the cause of "GloBull Warming"
This stupid lawsuit...will get no where.
I don't believe cities should be investing in anything...but their people.
I recall Bob Citron back in the day...and I wondered then...why are these people investing Government money...in anything??
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