New York City versus 5 Big Oil Companies: the dates that make the difference to the dollars

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PAL calculates over $6billion could be payable to New York City, crucially depending on the
date when losses are deemed to have started.

PAL estimates that about $75million annually is payable to New York City from 2018.

As part of New York City's programme to deal with climate change, Mayor de Blasio has overseen a
wide-scale divestment of fossil fuel investments connected with the city's pension funds etc. In
2017, the Mayor added impetus by bringing forward a suit against five of the largest oil companies
('The 5 Big Oil': BP, Chevron, ConocoPhillips, ExxonMobil, Shell) to compensate the city and its
boroughs for past climate-related losses and to provide for future infrastructure to enable New
York City to adapt to sea level rise. This is exactly the sort of situation in which PAL is so well placed
to advise.

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Author: admin

PAL provides carbon pricing software, services and business solutions that help financial institutions and public agencies understand, quantify and track their carbon risk exposure.

New York City versus 5 Big Oil Companies: the dates that make the difference to the dollars was last modified: February 2nd, 2019 by admin

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