Wednesday, 11 December 2019 11:58

ExxonMobil prevails in climate change related legal battle

ExxonMobil prevailed Tuesday in its much-watched legal battle with the state of New York, beating back claims that it misled investors for years in how it calculated the financial risks of climate change.

The high-profile trial, which included testimony from former ExxonMobil chief executive and former secretary of state Rex Tillerson, marked the culmination of a four-year-old probe under three different New York attorneys general, during which Exxon handed over millions of documents about its internal dealings.

It is noteworthy that in recent years an activity of oil companies has been subjected to a number of court proceedings and focused attention of the community due to their position regarding the climate change.

Shell was a member of the Global Climate Coalition, a fossil fuel industry front group launched in 1988 to undermine the growing scientific consensus that global warming was a major global threat and was overwhelmingly caused by burning fossil fuels. The GCC was set up primarily to block international action to fight climate change and to build public support for delaying action in the U.S. The group disbanded in 2002.

Shell, Chevron, ExxonMobil and Total have spent more than $1 billion on misleading climate messaging and lobbying since 2015, according to a report published earlier this year by the United Kingdom-based research group Influence Map.

It bears reminding that according to ExxonMobil’s 2019 energy summary, by 2025 capacities on production of accumulators for electric vehicles will have to be increased by 50 times vs. the today’s rate. Total volume of demand for liquid fuel may constitute around the level of 2013. It is assumed that these measures in their turn will make it possible to lower oil-gas industry driven carbon emissions by 5%. 

 

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