focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

UPDATE 1-Oil companies defeat New York City appeal over global warming

Thu, 01st Apr 2021 15:11

(Adds comment from city, details from decision, background)

NEW YORK, April 1 (Reuters) - A federal appeals court on
Thursday rejected New York City's effort to hold five major oil
companies liable to help pay the costs of addressing harm caused
by global warming.

Ruling in favor of BP Plc, Chevron Corp,
ConocoPhillips, Exxon Mobil Corp and Royal Dutch
Shell Plc, the 2nd U.S. Circuit Court of Appeals in
Manhattan said the regulation of greenhouse gas emissions should
be addressed under federal law and international treaties.

It rejected the city's efforts to sue under state law for
trespass and creating a nuisance.

"Global warming presents a uniquely international problem of
national concern," Circuit Judge Richard Sullivan wrote for a
three-judge panel. "It is therefore not well-suited to the
application of state law."

New York City's lawsuit was one of the earliest efforts by
U.S. states and municipalities to turn to the judiciary and
invoke state law in seeking help to address climate change.

Nick Paolucci, a spokesman for the city's law department,
said the city is disappointed it could not hold the oil
companies "accountable for the environmental damage they knew
their products would cause."

The companies did not immediately respond to requests for
comment.
(Reporting by Jonathan Stempel and Sebastien Malo in New York
Editing by Chizu Nomiyama and Jonathan Oatis)

Related Shares

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, par...

7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating th...

31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.