New York City's Fossil Fuel Divestment Could Spur Global Shift

New York City plans to divest $5bn from fossil fuels and sue oil companies

The biggest city in the USA sued BP Plc, Chevron Corp., ConocoPhillips, Exxon Mobil Corp., and Royal Dutch Shell Plc claiming they're the world's largest industrial contributors to climate change.

New York Governor Andrew Cuomo previously has said he planned to halt future fossil fuel investments in the state's public employee pension fund. NY state has already announced it is exploring how to divest from fossil fuels.

New York City is seeking to lead the assault on both climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the world's most powerful oil companies over their contribution to risky global warming.

On Wednesday, city officials announced that NY was to divest its pension funds of about $5 billion in fossil fuel-linked money over the next five years.

In total, the city's five pension funds hold roughly $5 billion in the securities of over 190 fossil fuel companies.

In a media statement, mayor DiBlasio said, "This is a tragedy that was wrought by the fossil-fuel companies, [so] we are going after those who have profited". Using a more realistic expectations for future investment return (3.61 percent), the Manhattan Institute report calculates that the city's long-term pension debt exceeds $142 billion.

These lawsuits followed those of California's Marin and San Mateo counties, as well as the San Diego County city of Imperial Beach, which target individual corporations for their alleged contribution to supposed global warming. So rising sea levels caused by global warming will mean storms like Sandy are more likely to cause harmful floods.

"New York City today becomes a capital of the fight against climate change on this planet", explained McKibben.

Analyst's Ratings : Anadarko Petroleum Corporation (NYSE:APC)
Dupont Capital Management Corp purchased a new position in Anadarko Petroleum during the second quarter valued at $262,000. The Oil and Gas Exploration and Production segment explores for and produces oil, natural gas, and natural gas liquids.

FDA changes label safety requirements on prescription opioid, cough medicines
"Given the epidemic of opioid addiction, we're concerned about unnecessary exposure to opioids , especially in young children". Medicines containing codeine or hydrocodone are now required to have a label indicating they're for people age 18 and over.

China's Exports Rise More Than Forecast
China's exports to North Korea rose 8.3% in 2017 from a year earlier, at $3.34 billion, official data showed Friday. Last month marked the first time since mid-2016 that imports grew slower than exports.

In the short-term, annual pension costs are hitting levels not seen since New York's economic crisis in the late 1970s.

The case against the fossil fuel companies state that they've imperiled the city and cost an enormous amount of money to taxpayers as NY fights flooding and erosion caused by climate change.

Chevron also said the lawsuits only serve special interests.

Both theories have been used to attack polluters, though not on the scale of global climate change.

The mayor also said that the city has f.

Bill McKibben, one of the co-founders 350.org, said in a statement that NYC stepping up to the plate in this matter is a huge step in battling fossil fuel emissions.

"With its communities exceptionally vulnerable to a rising sea, the city is showing the spirit for which it's famous - it's not pretending that working with the fossil fuel companies will somehow save the day, but instead standing up to them, in the financial markets and in court". And it's time to do something different in New York City, isn't it? The Rockefeller Brothers Fund, notable for its links to the past oil wealth of John D Rockefeller, has also sought to divest.

Related:

  • City bids farewell to fallen Philly firefighter

    City bids farewell to fallen Philly firefighter

    A massive ceremonial procession lined up to take the firefighter to his final resting place, not far from his home, at SS. LeTourneau, and telling them "how good he lived" and how good of a firefighter LeTourneau was.
    Trump's 'shithole' comment angers lawmakers

    Trump's 'shithole' comment angers lawmakers

    Separately, Durbin told reporters he had not seen a single news report about the President's words that was false. The program that was being discussed at the White House is called Temporary Protected Status.
    Candidate for IL  attorney general robbed at gunpoint in Chicago

    Candidate for IL attorney general robbed at gunpoint in Chicago

    The robbery suspects got away with cameras and cell phones, and Goldstein's crew was shaken up but not harmed. A candidate for Illinois Attorney General was robbed at gunpoint on the Northwest Side Thursday afternoon.
  • 'Dark Souls: Remastered' Rekindles The Flame On May 25

    'Dark Souls: Remastered' Rekindles The Flame On May 25

    Game Dark Souls: Remastered will be available on PC, PS4, Xbox One and Nintendo Switch already since may 25, 2018. The company Namco Bandai announced the re-release of the game Dark Souls from a well known Studio From Software.
    Carrie Underwood shows off her inner strength in brand-new song

    Carrie Underwood shows off her inner strength in brand-new song

    We know Carrie's fans are so excited to have this new song to tide them over until her new album comes out later this year. In addition to the Super Bowl, the song will also be used during the Winter Olympic Games telecast, beginning in February.
    Proposed Work Requirements in Medicaid

    Proposed Work Requirements in Medicaid

    While more than 74 million people are enrolled in Medicaid, only a small fraction would be affected by the work requirement. CMS said states would have to test whether the work requirement improves enrollees' health - a point Solomon ridiculed.
  • Consumer Electronics Show (CES): Behind the Blackout

    Consumer Electronics Show (CES): Behind the Blackout

    As to what caused the outage, in the first place, it would seem that it was due to condensation following heavy rainfall. The Consumer Technology Association, which runs the event, said they are "working hard to resolve" the issue.

    People's United Financial, Inc. (NASDAQ:PBCT)

    The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link . PA now owns 9,678 shares of the bank's stock worth $171,000 after acquiring an additional 80 shares in the last quarter.

    Reviewing the Insider Trends for Approach Resources, Inc. (AREX)

    Finally, KeyCorp reiterated a "hold" rating on shares of Approach Resources in a research report on Thursday, October 12th. California Public Employees Retirement System lifted its stake in shares of Approach Resources by 2.2% in the 2nd quarter.
  • Trump's Haiti Slap Came On Eve Of Earthquake Anniversary

    Trump's Haiti Slap Came On Eve Of Earthquake Anniversary

    The president's remarks angered several countries, prompting them to issue strongly-worded statements condemning his comment . Dick Durbin of IL , who was in the meeting, said on Twitter that Trump used hate-filled, racist words repeatedly.

    Johnson Controls Inc 2017 Q3 Institutional Investor Sentiment Worse Than Expected

    Looking at some alternate time periods, the 12 month price index is 0.92559, the 24 month is 1.08050, and the 36 month is 0.85699. That's a potential 11.37 increase relative to where Johnson Controls International plc (NYSE: JCI ) has been trading recently.

    Influential Analyst Rating Changes: Stryker Corporation (SYK), TTM Technologies, Inc. (TTMI)

    Arrowstreet Lp has 133,636 shares for 0.01% of their portfolio. 111,305 were reported by Congress Asset Company Ma. (NYSE:LOW). It dived, as 65 investors sold JPM shares while 767 reduced holdings. 40 funds opened positions while 123 raised stakes.

Comments

Latest news

Oil hits $70 as OPEC minister hints of further cuts
That was slightly below the five-year average of just over 420 million barrels, the target for Opec and others cutting output. Brent also marked a December-2014 high the previous day, at $70.05 a barrel.

Active Volume Stock: Marathon Patent Group, Inc. (MARA)
According to the recommendations from 2 analysts stock has mean rating of 1 on the shares of Sorrento Therpt Cmn (NASDAQ:SRNE). Currently, the stock carries a price to earnings ratio of 0, a price to book ratio of 0, and a price to sales ratio of 0.51.

100 homes destroyed, 300 damaged in Santa Barbara County flash-floods
The county set up an evacuation shelter at Santa Barbara City College and also gave residents a place to take their animals. On Tuesday, Winfrey's close friend and " CBS This Morning " co-host, Gayle King, said Winfrey is "intrigued by the idea".

Impact Wrestling Spoilers: A Return, A Debut & More!
Austin Aries came face to face with Global Champion Eli Drake and has completely flipped IMPACT upside down. After the match, Hania attacks Rosemary but runs away when Rosemary fights back.

Dark Souls Remastered coming to Nintendo Switch
Remastered heads to retail stores in May and will make its Xbox One , PS4, Switch and Steam debuts simultaneously. Along with the visual enhancements, the game will include the DLC from the first game, 'Artorias of the Abyss '.

Chris Matthews apologizes for making joke about 'Bill Cosby pill'
Cosby has been accused of sexual misconduct by dozens of women and some of his accusers allege that he drugged and raped them. A spokesperson for the network said that Matthews was formally reprimanded at the time.

Gerdau SA (NYSE:GGB) Future Growth Projections From Analysts
Average Revenue Estimate of the company for the current Fiscal Quarter is $9.88 Billion, according to consensus of 1 analysts. After a recent check, Gerdau S.A.'s 14-day RSI is now at 85.96, the 7-day stands at 91.84, and the 3-day is sitting at 94.21.

Goldman Sachs Group Inc (NYSE:GS) Stock Price While Sentiment Worsens
TMUS traded at an unexpectedly low level on 10/01/2018 when the stock experienced a -2.61% loss to a closing price of $63.89. It helps investors in determining whether buying, selling or holding on to a stock would be beneficial for them.

Nintendo Switch Don't Need Price Cuts To Beat Xbox One, PS4!
This one includes split Joycon play, but it also comes with a whole new character that seems to be an easy mode in and of himself. It gets more interesting when you realized that the Switch made such an accomplishment without going through a massive price cut.

Latest Tally Of Analyst Opinions: Apache Corporation (APA), TrueCar, Inc. (TRUE)
The investor is now holding $19.68 million shares due in part to a decrease of 388596 new shares in their portfolio. Capital Research Global Investors increased its stake in shares of Apache Corp .by 7.8% in the second quarter.

What Do Analysts Say About Jaguar Animal Health, Inc. (JAGX)
Also, there are 0 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1 average brokerage recommendation. A consensus recommendation for an individual stock compiles ratings from a number of analysts who track that stock.

Bayer Leverkusen v Bayern Munich: Watch Stream Of Leon Bailey
Leverkusen picked up points in 12 straight games, helping the club move from 14th in the table to fourth. Leverkusen are a convincing team.

USA ambassador to Panama says he can not serve Trump
From 2009 to 2012, he was stationed in Mexico, where he worked as deputy chief of mission and chargé d'affaires at the U.S. Feeley was nominated to the diplomatic post by then-President Barack Obama in July 2015.

Rowan Companies plc (NYSE: RDC) - Investor's Alert (Volume Pattern in Focus)
The Company's consumer matching solutions allow families to search for, connect with, qualify, vet, and select caregivers. Finally, FBR & Co reaffirmed a "buy" rating on shares of Rowan Companies in a research report on Thursday, October 19th.

3 things we learned as Patriots head to National Football League playoffs
Danny Amendola caught four passes for 43 yards while rusher Dion Lewis received six passes for 40 yards and a touchdown. Look for them to rest players in the fourth quarter when this is done. "It's good to have 13 wins", said Belichick .

Other news