New York sues five oil tankers over climate change responsibility

• Washington (United States), correspondence

Bill de Blasio, the mayor of the largest city in the United States, announced Wednesday, January 10 that the city had filed a complaint with a federal court and asked for repairs to five oil giants: ExxonMobil, Chevron, BP, Shell and ConocoPhillips. She blames them for their responsibility in the climate change affecting her territory. In 2012, Storm Sandy killed more than 40 people and cost the state more than $ 42 billion. New York is also asking them for the billions needed to prepare for rising sea levels, more powerful storms and warmer temperatures. « As climate change continues to worsen, it is the responsibility of the fossil fuel companies, whose greed has put us in this situation, to bear the costs necessary to make New York City safer and more. more resilient », explained Bill de Blasio.

The New York neighborhood of Breezy Point in November 2012, a week after Hurricane Sandy hit.

« ExxonMobil welcomes any attempt to respond to climate change, reacted the oil group in a press release. This type of legal action, (…) against an industry that offers products on which we all rely to make the economy work and live on a daily basis, is not. »

Environmental associations have welcomed this initiative. “New York is today becoming a capital of the fight against climate change on this planet, said Bill McKibben, co-founder of 350.org. With its communities extremely vulnerable to rising sea levels, the city shows us the temperament for which it is famous: not to pretend that working with fossil fuel producers will somehow save the situation, but rather rise up. against them, in financial markets and in court. “

Activist Naomi Klein spoke about the announcement “historical”: “As of today, the entire fossil fuel sector is threatened by heavy legal spending as well as the rising and global flight of investors. This means that no matter how many permits the Trump administration will grant for the oil or coal, new drilling will make less and less economic sense. This is very good news. “

Bill de Blasio announces New York decisions, January 10, 2018

During his press conference, the mayor of New York also announced that the pension funds of municipal officials would sell their assets invested in companies linked to fossil fuels. This represents about $ 5 billion of the approximately $ 190 billion in assets of these five funds. However, the decision does not have immediate effect, as it must be subject to an impact assessment and legal review. Daniel Zarrilli, in charge of the climate in Bill de Blasio’s team, tempered the latter’s ardor at a press conference, indicating that the process could last until the year 2022.

The New York neighborhood of Breezy Point two weeks after Hurricane Sandy hit.

Bill de Blasio pointed out that New York was the first major city in the country to take such an initiative, which allows « mobilize for future generations ». « Over the past five years, the municipal councils of several towns and villages have decided to completely divest themselves of their investments in companies active in fossil fuels. », nuance Brett Fleishman, senior analyst for the environmental association 350.org interviewed by Reporterre, before specifying that these were much smaller budgets than in New York.

Withdraw funds invested in fossil fuels

Last month, the governor of New York also announced that he wanted the state’s public pension funds to get rid of their investments in fossil fuels. In 2015, the California parliament passed a law forcing the state’s two main public pension funds to divest their coal-related assets only. Other large cities, such as Seattle and San Francisco, have also taken decisions in this direction but have not yet acted. The body that manages San Francisco’s pensions must also vote on January 24 to completely sell its fossil fuel assets. Brett Fleishman of 350.org expects the measure to be approved.

According to the count of 350.org, there are now more than 800 institutions in the world (administrations, religious or philanthropic organizations, universities, cultural institutions, etc.) which have made the choice of no longer invest in fossil fuels. This represents over $ 6 billion that has been invested elsewhere. For now, Bill de Blasio has not specified where the New York funds would be redirected. “ But he spoke a lot about the need to invest in the future of energies, not the past », relève Brett Fleishman.

Source : Yona Helaoua for Reporterre

Photos :

. chapô: the New York district of Manhattan plunged into darkness during the passage of Hurricane Sandy, at the end of October 2012. Flickr (Stefan Leijon /CC BY–ND 2.0)

. East Village : Flickr (David Shankbone/CC BY 2.0)

. Bill de Blasio at a press conference on Monday January 10: City of New York

. Breezy Point one week: Wikimedia (The office of Public Advocate for the City of New York/CC BY–TO 2.0)

. Breezy Point two weeks: US Nayv (CC0)

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