What it's about:
New York City has taken a significant step in filing a multibillion dollar lawsuit against five top fossil fuel companies, citing their “contributions to global warming”.
The companies are BP Plc, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell Plc.
The city has also unveiled a plan to cut fossil fuel investments from its $189 billion public pension funds over the next five years.
New York’s goal to eliminate about $5 billion in the securities of nearly 200 oil companies from its portfolio would be among the biggest public pension divestments from fossil fuels to date, the city said in a statement.
Why it's noteworthy:
The United States, under President Donald Trump, has given notice it wants to withdraw from the international Paris accord to curb global warming.
In September 2017, cities including San Francisco and Oakland filed separate lawsuits against five oil companies using the "public nuisance" doctrine, seeking billions of dollars to protect against rising sea levels.
In Oregon, teenagers have also sued the federal government in a landmark case known as "Our Children's Trust", asserting that government policies have contributed to climate change, violating their constitutional right to life, liberty and property.
The number of lawsuits involving climate change is expected to swell further in 2018.
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