The Mayor of New York City, Bill de Blasio, has declared war on 'Big Oil' with:
1. A plan to divest the city’s $189 billion pension fund of an estimated $5 billion invested in fossil fuel companies and
2. A lawsuit holding five big oil companies — ExxonMobil, Chevron, BP, Royal Dutch Shell and Conoco Phillips — to account for emissions that have contributed to increased global temperatures, leading to the need for the City to fortify coastal protections against flooding and upgrade sewer systems.
Lawsuits and the global divestment movement are hot on the heels of the petroleum industry in an effort to get it to pay for the harm done and the long-deferred social and environmental costs of production and use of its product.
This comes at a time when at a federal level the Trump administration is moving in the opposite direction and opening up America’s coastal waters to drilling and removing regulatory obstacles to oil exploration.