clear
Wednesday April 25th, 2018 2:41AM

The Latest: Oil companies dispute climate lawsuit claims

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — The Latest on New York City's actions on oil investments, and lawsuit against oil companies over climate change (all times local):

2:30 p.m.

Some of the oil companies being sued by New York City over claims they contributed to global warming are disputing the allegation.

Mayor Bill de Blasio says the city will be seeking billions in the lawsuit to recoup money spent by the city for resiliency efforts related to climate change.

The defendants in the city's federal lawsuit are BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell.

ExxonMobil spokesman Scott Silvestri says the company has made good faith attempts to address climate change. He says lawsuits don't accomplish that goal. Shell's spokesman echoed that sentiment.

The other companies either did not comment or did not immediately respond to a request for comment.

___

11:55 a.m.

New York City is suing five major oil companies, claiming they have contributed to global warming.

Mayor Bill de Blasio says the city will be seeking billions in the lawsuit to recoup money spent by the city for resiliency efforts related to climate change.

The defendants in the city's federal lawsuit are BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell.

A BP spokesman declined comment. A Shell spokesman said climate change is a complex issue that should not be addressed by the courts. The other three did not immediately comment.

The lawsuit follows the city's announcement that it plans to divest its pension funds from fossil fuel companies.

___

12:20 a.m.

New York City officials are citing climate change as their motivation to join a growing number of entities divesting themselves of financial interest in fossil fuels.

Democratic Mayor Bill de Blasio (dih BLAH'-zee-oh) and Comptroller Scott Stringer are set to announce plans on Wednesday to divest the city's five pension funds of roughly $5 billion in fossil fuel investments out of its total of $189 billion.

Clara Vondrich of the DivestInvest campaign says hundreds of institutional investors managing assets of over $5.5 trillion have taken their money out of fossil fuels.

The American Petroleum Institute has previously said the divestment movement is misguided.

Democratic New York Gov. Andrew Cuomo (KWOH'-moh) also plans to have the state pension funds begin to divest.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Utilities
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Diet Coke gets new look, new flavors amid sinking sales
Diet Coke gets a new look and new flavors like mango and ginger lime to try to invigorate slumping sales
2:42PM ( 4 minutes ago )
Immigration agents descend on dozens of 7-Eleven stores
Immigration agents descend on dozens of 7-Eleven convenience stores to check immigration compliance
2:36PM ( 9 minutes ago )
Sears raises $100M in new financing, eyes $200M in cost cuts
Sears is raising $100 million in new financing, will seek twice that from other sources, and will attempt $200 million in additional cost cuts this year
2:28PM ( 18 minutes ago )
Associated Press (AP)
Las Vegas hotels bet on technology to attract, dazzle guests
In the hypercompetitive world of Las Vegas tourism, the staples of hotel-room technology _ a phone on a nightstand and a flat-screen TV _ don't cut it anymore
2:09PM ( 36 minutes ago )
Source: $1.6 billion Toyota-Mazda plant planned for Alabama
A person briefed on the decision says Japanese automakers Toyota and Mazda have chosen Southern U.S. state of Alabama as site of new $1.6 billion joint-venture plant
2:02PM ( 44 minutes ago )
Britain presses Germany for Brexit financial services deal
Britain's Brexit minister and treasury chief say there's no sense in Germany setting up "unnecessary barriers" to trade in goods and services after Britain leaves the European Union
1:27PM ( 1 hour ago )
AP Business
Buffett adds his 2 potential successors to Berkshire board
Berkshire Hathaway is promoting the two top candidates to eventually replace CEO Warren Buffett to its board, but the 87-year-old investor says he isn't leaving
12:25PM ( 2 hours ago )
NYC sues, divests from oil firms over climate change
New York City is suing five major oil companies, claiming they have contributed to global warming
12:14PM ( 2 hours ago )
The Latest: NYC sues oil companies over climate change
New York City is suing five major oil companies, claiming they have contributed to global warming
11:57AM ( 2 hours ago )
AP Business - Corporate News
Britain presses Germany for EU financial services deal
Britain's Brexit minister and Treasury chief say there's no sense in Germany setting up "unnecessary barriers" to trade in goods and services after Britain leaves the European Union
9:04AM ( 5 hours ago )
Iran firm says there may be survivors from tanker crash
Iranian company whose oil tanker burst into flames after collision in East China Sea says there's still hope
1:04AM ( 13 hours ago )
Politically important Florida gets a pass on drilling plan
The Trump administration's plan to open up U.S. coastline for offshore drilling is making room for an exception _ the state of Florida
12:47AM ( 13 hours ago )
AP Business - Industries
Singapore arrests 17 suspected in Shell oil heist
Singapore police arrest 17 men, seize tanker, $2.3 million linked to theft of oil from Shell refinery
2:27AM ( 1 day ago )
Energy agency rejects Trump bid to boost coal, nuclear power
An independent energy agency has rejected a bid by the Trump administration to bolster coal-fired and nuclear power plants
6:48PM ( 1 day ago )
New Oregon law says motorists can pump their gas _ sometimes
An Oregon law passed in 1951 banned drivers from pumping their own gas but now that's changing _ in some cases
3:50PM ( 1 day ago )
AP Business - Utilities
Diet Coke gets new look, new flavors amid sinking sales
Diet Coke gets a new look and new flavors like mango and ginger lime to try to invigorate slumping sales
2:42PM ( 4 minutes ago )
Immigration agents descend on dozens of 7-Eleven stores
Immigration agents descend on dozens of 7-Eleven convenience stores to check immigration compliance
2:36PM ( 9 minutes ago )
Sears raises $100M in new financing, eyes $200M in cost cuts
Sears is raising $100 million in new financing, will seek twice that from other sources, and will attempt $200 million in additional cost cuts this year
2:28PM ( 18 minutes ago )
The Latest: Worries remain over major security flaw in chips
Tech leaders promoting new innovations at the CES gadget show can't get away from lingering questions about large-scale security flaws in the underlying computing platforms.
2:19PM ( 26 minutes ago )
The Latest: Business leaders urge immigrant protections
More than 100 top business leaders, including Facebook's Mark Zuckerberg, Apple's Tim Cook and IBM's Ginni Rometty have signed onto a public letter urging Congress to pass legislation protecting hundreds of thousands of young people from deportation
2:19PM ( 26 minutes ago )