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New York City just declared war on the oil industry

14 January 2018

Marin County, San Mateo County, Santa Cruz County and the cities of San Francisco, Oakland and Imperial Beach also have filed similar lawsuits against oil companies, the motion said. The funds together are worth $189 billion. 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.

However, he acknowledged that the lawsuit against BP, Chevron, Conoco Phillips, Exxon Mobil and Royal Dutch Shell - which says that the companies were aware for years that burning fossil fuels caused climate change, but hid the conclusions of their scientists - could take years to reach a resolution.

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Meanwhile, New York City Mayor Bill de Blasio and Comptroller Scott Stringer also announced that they would divest the City's five pension funds of roughly $5 billion in fossil fuel investments.

In a media statement, mayor DiBlasio said, "This is a tragedy that was wrought by the fossil-fuel companies, [so] we are going after those who have profited". The authorities also want to redirect the cost of protecting NY from natural disasters to corporations that "have done just about everything to create this existential threat", said Bill de Blasio.

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A spokesperson for Chevron said the lawsuit will "do nothing to address the serious issue of climate change", The New York Times reported. Under the leadership of the head of state, the federal government is committed to the United States' exit from the Paris climate agreement, rejecting Barack Obama's climate policies and intends to significantly increase the areas where coal, oil and natural gas can be produced. 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.

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New York City just declared war on the oil industry