Earlier this month Mayor Bill de Blasio announced that New York City is filing suit against all five major oil companies for damages related to climate change.
We’re bringing the fight against climate change straight to the fossil fuel companies. As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient.” – Bill de Blasio
Climate Central’s report on sea level rise ranks New York as America’s most vulnerable major city for major coastal flooding and sea-level rise, putting 245,000 Big Apple residents at risk. Another study predicts that by 2030, storms as intense as Hurricane Sandy — which cost more than 40 lives and caused $19 billion in damages — are likely to hit every five years.
Given the fact that by 2100 or sooner, many areas of our five boroughs where a lot of low-income residents live will experience chronic flooding, it’s really critically important that we step up and put our money where our mouths are.” – James Calma
New York will also divest $5 billion in fossil fuel investments from its pension funds. The city’s Public Advocate, Letitia James, has been pushing for this for months.