Exxon Mobil Faces New Lawsuit for Minimizing Climate Change Threat - Attorney General
Energy giant Exxon Mobil is being sued the US state of New York on charges of misleading investors with reports that downplay the threat of climate change on future earnings, according to a court filing by the state attorney general's office on Wednesday.
WASHINGTON (Pakistan Point News / Sputnik - 24th October, 2018) Energy giant Exxon Mobil is being sued the US state of New York on charges of misleading investors with reports that downplay the threat of climate change on future earnings, according to a court filing by the state attorney general's office on Wednesday.
"Exxon provided false and misleading assurances that it is effectively managing the economic risks posed to its business by the increasingly stringent policies and regulations that it expects governments to adopt to address climate change," the complaint filed with the New York Supreme Court stated.
The complaint charges Exxon Mobil with falsely claiming that the company "rigorously and consistently applied an escalating proxy cost of carbon dioxide and other greenhouse gases (together, "GHGs") to its business, including in its investment decisions, business planning, company oil and gas reserves and resource base assessments, evaluations of whether long-term assets are impaired.
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The filing begins with a summons requiring Exxon Mobil to respond to the lawsuit within 20 days.
The filing represents the latest step in a multi-year investigation by New York and attorneys general of other US states, which Exxon Mobil contends is an attempt to restrict the company's free-speech rights under the First Amendment of the US Constitution.
The effort to target Exxon-Mobil is based on a claim that scientists have proven that burning fossil fuels causes climate change - a finding that can no longer be challenged with contrary scientific evidence.