The Latest: NYC sues oil companies over climate change

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The Latest: NYC sues oil companies over climate change
The Latest: NYC sues oil companies over climate change

NEW YORK (AP) – The Latest on New York City’s actions on oil investments, and lawsuit against oil companies over climate change (all times local):

11:55 a.m.

New York City is suing five major oil companies, claiming they have contributed to global warming.

Mayor Bill de Blasio says the city will be seeking billions in the lawsuit to recoup money spent by the city for resiliency efforts related to climate change.

The defendants in the city’s federal lawsuit are BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell.

A BP spokesman declined comment. A Shell spokesman said climate change is a complex issue that should not be addressed by the courts. The other three did not immediately comment.

The lawsuit follows the city’s announcement that it plans to divest its pension funds from fossil fuel companies.

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12:20 a.m.

New York City officials are citing climate change as their motivation to join a growing number of entities divesting themselves of financial interest in fossil fuels.

Democratic Mayor Bill de Blasio (dih BLAH’-zee-oh) and Comptroller Scott Stringer are set to announce plans on Wednesday to divest the city’s five pension funds of roughly $5 billion in fossil fuel investments out of its total of $189 billion.

Clara Vondrich of the DivestInvest campaign says hundreds of institutional investors managing assets of over $5.5 trillion have taken their money out of fossil fuels.

The American Petroleum Institute has previously said the divestment movement is misguided.

Democratic New York Gov. Andrew Cuomo (KWOH’-moh) also plans to have the state pension funds begin to divest.

FILE – In this Jan. 19, 2016 file photo, a man watches a BP refinery in Gelsenkirchen, Germany. New York City officials say they will begin the process of dumping about $5 billion in pension fund investments in fossil fuel companies, including BP, because of environmental concerns. (AP Photo/Martin Meissner, File)
FILE – In this Sept. 21, 2017 file photo, petroleum coke, the grainy black byproduct of refining Canadian tar sands oil, is visible at the BP Whiting refinery in East Chicago, Ind. New York City officials say they will begin the process of dumping about $5 billion in pension fund investments in fossil fuel companies, including BP, because of environmental concerns. (DroneBase via AP, File)
FILE – In this Feb. 13, 2015 file photo, stacks and burn-off from the ExxonMobil refinery are seen at dusk in St. Bernard Parish, La. New York City officials say they will begin the process of dumping about $5 billion in pension fund investments in fossil fuel companies, including Exxon Mobil, because of environmental concerns. (AP Photo/Gerald Herbert, File)
FILE – In this March 28, 2006 file photo, Chevron’s Discoverer Deep Seas drills for oil in the Gulf of Mexico. New York City officials say they will begin the process of dumping about $5 billion in pension fund investments in fossil fuel companies, including Chevron, because of environmental concerns. (AP Photo/Alex Brandon, File)
FILE – In this Feb. 9, 2016 file photo, a ConocoPhillips drill rig is deployed at the CD5 drilling site in Nuiqsut, on Alaska’s North Slope. New York City officials say they will begin the process of dumping about $5 billion in pension fund investments in fossil fuel companies, including ConocoPhillips, because of environmental concerns. (AP Photo/Mark Thiessen, File)
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