Exxon Wins Big Climate Change Case
Fossil fuel companies are bracing for a wave of climate change litigation
No blood for oil, CC BY-SA 3.0
• less than 3 min read
A New York judge cleared ExxonMobil of claims it downplayed climate change risks to investors and cost them up to $1.6 billion. We give John Grisham ’til February.
Judge Barry Ostrager said the court was not absolving Exxon of contributing to climate change. But under the scope of a securities fraud case, the New York attorney general couldn’t meet the burden of proof.
Why it’s a big deal: This was the second climate change lawsuit to reach trial in the U.S. and was viewed as a bellwether for future attempts to hold oil and gas companies accountable.
After the holidays, it’s back to business
Fossil fuel companies are bracing for a wave of climate change litigation. Exxon’s already facing similar claims from the Massachusetts AG.
Cities in Maryland, Rhode Island, Colorado, and more are trying to leverage “public nuisance” lawsuits, while other localities are seeking compensation for mitigation costs tied to climate change.
Big picture: Many states and activists are hoping for a 1998 Master Settlement Agreement moment, when Big Tobacco agreed to pay $206+ billion to states.
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