Interested? Contact us now
In order to contact us please fill the form on the right or directly email us at the address below
sales@senecaesg.com
by
Jordy Leo
- September 21, 2023
California has filed a civil case against major oil companies, including Exxon Mobil [XOM:US], Shell [SHEL:US], Chevron [CVW:US], and BP [BP:US], accusing them of downplaying the risks posed by fossil fuels, as reported by Reuters on September 19. The lawsuit alleged that these companies initiated a disinformation campaign dating back to at least the 1970s to discredit a growing scientific consensus on climate change and to dispute climate change-related risks. The lawsuit seeks the creation of an abatement fund for climate mitigation efforts and an injunction to protect California’s natural resources. In response, Shell argued that litigation isn’t the right approach to address climate change and instead advocates for smart government policies. Chevron criticizes California’s role in crafting global energy policy, asserting that the state has actively promoted oil and gas development.
In recent years, California has been one the US states most impacted by climate-related disasters, including wildfires, drought, and storms that have caused billions of dollars in damage. Besides, the frequency of these climate disasters has prompted major US insurance companies to limit coverage in the state. The lawsuit, if successful, could set a precedent for other states and countries seeking accountability from the fossil fuel industry. Beyond the legal battles with the fossil fuel sector, California has also passed a pioneering legislation this September to combat climate change. This groundbreaking law requires companies operating in California with annual revenues exceeding USD1bn to disclose both their direct and indirect greenhouse gas emissions.
Sources:
Start Using The Seneca ESG Toolkit Today
Monitor ESG performance in portfolios, create your own ESG frameworks, and make better informed business decisions.
