Currents - Energy Industry Insights: Issue 39, October 2019 #4

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Big Oil’s Climate Change Reckoning Finally Arrives in Court -

"New York’s $1.6 billion lawsuit arose from a national effort to hold Big Oil responsible for global warming."

Why this is important: The most important aspect of this lawsuit is what it is not about. This lawsuit is not about whether Exxon caused climate change or whether it misrepresented its role in climate change to the public. The precise issue in this case is whether Exxon misled its investors by providing them with a falsified proxy cost of carbon, which includes the cost of complying with climate change regulations. The lawsuit alleges Exxon had two such costs....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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