New York Mayor sues five largest oil companies over global warning

Chevron's Discoverer Deep Seas drills for oil in the Gulf of Mexico. New York City officials say they will begin the process of dumping about $5 billion in pension fund investments in fossil fuel companies including Che

The city's $189 billion pension fund, held for employees including police officers, teachers and fire fighters, now has around $5 billion in securities of more than 190 fossil fuel companies, officials said.

"As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making NY safer and more resilient", de Blasio said.

The city is seeking damages from BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell, "for the billions of dollars the city will spend to protect New Yorkers from the effects of climate change", the mayor's office noted, including "damages to pay for harm that we've already seen and damages that are necessary to address harm we expect to happen over the course of this century".

Exxon this week hit back against the California lawsuits in a filing with a Texas state court pointing out none of the cities disclosed such risks to bond buyers and arguing the lawsuits were politically motivated and linked to cases brought by the states of NY and MA.

The city is moving to dump its investments in fossil fuels, and suing five big oil companies charging they are responsible for global warming that has cost the city billions.

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New York City announced on Wednesday that it filed a multibillion dollar lawsuit against five top oil companies, citing their "contributions to global warming", as it said it would divest fossil fuel investments from its $189 billion public pension funds over the next five years.

"As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making NY safer and more resilient".

San Francisco and Oakland filed similar suits in September against the same five companies.

Hurricane Sandy paralyzed the United States financial capital in 2012, unleashing nine-foot (three-meter) floods across coastal NY and New Jersey, and causing an estimated $71 billion in damage.

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