Energy and Natural Resources

NYC to Oil Majors: "Drop Dead"

10 January 2018

New York City's 19th century city hall. Source: NYC.govNew York City's 19th century city hall. Source: NYC.gov

Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the city’s $189 billion pension funds announced a goal to divest city funds from fossil fuel reserve owners within five years.

The Mayor and Comptroller say they will submit a joint resolution to pension fund trustees to begin analyzing ways to divest from fossil fuel owners. In total, the city’s five pension funds hold roughly $5 billion in the securities of over 190 fossil fuel companies.

The city also filed a lawsuit against the five largest investor-owned fossil fuel companies as measured by their contributions to global warming. The city will seek damages from BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell for the billions of dollars the city claims it will spend to protect New Yorkers from the effects of climate change.

The lawsuit seeks to recover the billions allegedly needed to fund climate change resiliency measures that the city says it needs to implement. This includes physical infrastructure, like coastal protections, upgraded water and sewer infrastructure, and heat mitigation, but also public health campaigns.

To recover from past events and prepare for future ones, New York City is already executing a greater-than $20 billion resiliency program to build resilience against rising seas, more powerful storms and hotter temperatures.

In October 1975, President Gerald Ford gave a speech denying federal assistance to spare New York City from bankruptcy. The front page of the Oct. 30, 1975, New York Daily News read: “FORD TO CITY: DROP DEAD.”

To contact the author of this article, email david.wagman@ieeeglobalspec.com


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Discussion – 5 comments

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Re: NYC to Oil Majors: "Drop Dead"
#1
2018-Jan-10 1:01 PM

This is what liberal run city's do when they their spending of other peoples money runs out... is to sue.

Re: NYC to Oil Majors: "Drop Dead"
#2
2018-Jan-10 2:20 PM

What a ridiculous lawsuit....it's not like they were forced to use fossil fuels, it was the only game in town, and NYC wouldn't exist without it....Might as well sue the people of NY for using fossil fuels, and the city fathers as well....including himself!

Re: NYC to Oil Majors: "Drop Dead"
#3
2018-Jan-10 4:36 PM

In October 1975, President Gerald Ford gave a speech denying federal assistance to spare New York City from bankruptcy. The front page of the Oct. 30, 1975 New York Daily News read: “FORD TO CITY: DROP DEAD.”

In this case, I don't think it would involve the White House. If it did, I know President Trump would (rightfully) say the same thing .

He is trying to get us away from corrupt and stupid money practices. As far as I'm concerned, it can't happen fast enough.

Re: NYC to Oil Majors: "Drop Dead"
#4
In reply to #3
2018-Jan-10 5:52 PM

" I know President Trump would (rightfully) say the same thing"

"He is trying to get us away from corrupt and stupid money practices."

We've let the wolf into the henhouse!

He is all about money and looking to escalate WIII (a nuclear war) into which we will be dumping Trillions of dollars to recover from, ( if we can).

The man is a loose cannon, with a lit fuse!!

Time to take this conversation to the breakroom.

Re: NYC to Oil Majors: "Drop Dead"
#5
2018-Jan-10 6:18 PM

Hey Dave, it's a good article but if all the other coastal cities follow suit, could lead to the collapse of an empire that was built on fossil fuel along with all the other countries that are dependant on the fossil fuel.

If they want to put blame on any one person it would have to be Rockefeller and Standard Oil, (back in the day) 100yrs +. Otherwise, they have no ground to stand on! (Pun intended)

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