ExxonMobil (NYSE: XOM)

'Time is Running Out,' American Petroleum Institute Chief Said in 1965 Speech on Climate Change

Read time: 6 mins
Fire crew in California fire

The warning is clear and dire — and the source unexpected. “This report unquestionably will fan emotions, raise fears, and bring demand for action,” the president of the American Petroleum Institute (API) told an oil industry conference, as he described research into climate change caused by fossil fuels.

The substance of the report is that there is still time to save the world's peoples from the catastrophic consequence of pollution, but time is running out.”

The Big Apple Loses to Big Oil as Judge Dismisses Climate Liability Suit

Read time: 4 mins
Flooded MTA train in New York after Hurricane Sandy

A federal judge ruled on Thursday in favor of a motion by five big oil companies to dismiss a lawsuit brought against them by New York City, which demanded they pay the costs of adapting the city's infrastructure to climate changeThe New York Times reported.

The ruling comes nearly a month after a federal judge in San Francisco dismissed a similar case brought by the cities of Oakland and San Francisco.

Yes, Exxon Is Accusing Local Governments of Misleading Investors on Climate Change

Read time: 6 mins
ExxonKnew projections on buildings in San Francisco

In January, ExxonMobil filed a legal petition seeking to depose more than a dozen city and county government officials in California, claiming that the municipal officials are defrauding investors by not fully disclosing the risks posed by climate change.

You read that right. Exxon is legally challenging cities and counties for not talking up the risks of climate change enough to the investors who purchase municipal bonds for those localities. Has Exxon had a change of heart and now become concerned about transparency and the impacts of climate change?

Let's take a closer look.

Exxon’s Fantastical Vision of the Future and Climate Change

Read time: 7 mins
ExxonMobil climate risks report cover

There really is little need to read past the cover of ExxonMobil’s 2018 Energy and Carbon Summary, a report purportedly meant to offer insights to shareholders on how the company manages climate-related risks. Apparently at Exxon, the plan is for humanity to frack its way out of the climate crisis by pouring more money into developing oil and gas.

The report you are reading looks into a lower-carbon future. It provides a perspective on what such a future might mean for our business,” Darren Woods, CEO of ExxonMobil, writes in the introduction.

But it doesn’t.

Exxon’s Conspiracy Charges Aim To Derail Climate Lawsuits

Read time: 7 mins

by David Halperin, crossposted from Republic Report

Oil giant ExxonMobil is engaged in unprecedented efforts to sue and harass in court the very people who are investigating and suing the company over global warming. Faced with determined efforts by states and localities to hold it and other fossil fuel companies accountable for contributing to, and concealing the evidence of, climate change, Exxon is crying foul, contending that it’s the victim of politically- and financially-motivated conspiracies.

But in reality there are no improper schemes behind the cases against Exxon. Instead, what’s troubling is an apparent effort by Exxon, one of the world’s wealthiest corporations, and its powerhouse corporate lawyers, to avoid a courtroom reckoning by making specious legal arguments and outspending their foes in the legal arena.

New York City Will Divest Pension Funds from Fossil Fuel Companies

Read time: 6 mins
Simulation showing flooding in New York City

Today New York Mayor Bill De Blasio announced a goal to divest New York City’s pension funds from fossil fuel reserve owners within five years. This makes New York the first major American city to announce such a move.

According to a statement, the city’s five pension funds have approximately $5 billion invested in over 190 fossil fuel companies.

“New York City is standing up for future generations by becoming the first major U.S. city to divest our pension funds from fossil fuels,” said Mayor de Blasio. “At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits.”

Exxon Mobil’s About-Face on Climate Disclosure

Read time: 6 mins
ExxonMobil protesters hold signs

By Paul Griffin, University of California, Davis

Exxon Mobil Corp. has vowed to do a better job in disclosing the risks it faces from climate change starting “in the near future” after bucking pressure to do that for years.

Until now, shareholders and bondholders had no choice but to rely on informed guesswork by outsiders to divine how the nation’s largest fossil fuel company was retooling for the future — a time when taxes, regulations and competition from renewable energy and other new technology alternatives are likely to thin consumers’ demand for its products.

Exxon’s First Amendment Claims in Climate Fraud Case Draw Judge’s Skepticism

Read time: 4 mins
Eric Schneiderman

By Karen Savage. Crossposted from Climate Liability News.

Exxon’s quest to convince a federal judge that two state attorneys general are stifling their right to free speech is proving to be no easy task.

In a hearing Thursday in New York, U.S. District Court Judge Valerie Caproni said the oil giant’s rationale involved “wild leaps of logic” in claiming New York Attorney General Eric Schneiderman and Massachusetts Attorney General Maura Healey are infringing on the company’s First Amendment rights by pursuing climate fraud investigations.

Exxon Refinery Catches Fire Day After Government Settles Over Pollution From Other Gulf Plants

Read time: 5 mins
ExxonMobil’s refinery and chemical plant in Baton Rouge, Louisiana

Early morning skies Wednesday in Baton Rouge, Louisiana, were alight from a fire that started around 2:30 a.m. at an ExxonMobil refinery. The blaze, though contained before the sun came up, is a reminder to the surrounding community of yet another danger of living next to refineries and chemical plants.

Exxon’s refinery is located along the stretch of Mississippi River between Baton Rouge and New Orleans known as “Cancer Alley” due to the high number of chemical plants and refineries — and illnesses possibly connected to emissions — along the river’s banks.

San Francisco Becomes First Major US City to Sue Fossil Fuel Industry Over Costs of Climate Change

Read time: 4 mins
Fourth street sign underwater

Reposted with permission from EcoWatch.

By Lorraine Chow, EcoWatch

San Francisco and Oakland are suing Chevron, ConocoPhillips, ExxonMobil, BP and Royal Dutch Shell—the five biggest investor-owned fossil fuel producers in the world—over the costs of climate change.

The two Californian cities join the counties of Marin, San Mateo and San Diego and the city of Imperial Beach that have taken similar legal action in recent months, the San Francisco Chronicle reports.

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