New York City will Divest from Fossil Fuels -- Filed Lawsuit against Major Oil Companies

Empire State Building on Jan.10, 2018
[click image to enlarge]

Climate Action: Mayor, Comptroller, Trustees Announce First-In-The-Nation Goal to Divest From Fossil Fuels

January 10, 2018  |  NYC.gov

City also filing suit against five largest fossil fuel companies, seeking damages to help protect city from climate change

NEW YORK—Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the City’s $189 Billion pension funds today announced a goal to divest City funds from fossil fuel reserve owners within five years, which would make New York City the first major US pension plan to do so. In a first-in-the-nation step towards the goal of divestment, the Mayor and Comptroller will submit a joint resolution to pension fund trustees to begin analyzing ways to divest from fossil fuel owners in a responsible way that is fully consistent with fiduciary obligations. In total, the City’s five pension funds hold roughly $5 billion in the securities of over 190 fossil fuel companies. The City’s move is among the most significant divestment efforts in the world to date.

"New York City is standing up for future generations by becoming the first major US city to divest our pension funds from fossil fuels,” said Mayor de Blasio. “At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits. 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.”

“This is a first-in-the-nation step to protect our future and our planet – for this generation and the next. Safeguarding the retirement of our city’s police officers, teachers, firefighters and city workers is our top priority, and we believe that their financial future is linked to the sustainability of the planet. Our announcement sends a message to the world that a brighter economy rests on being green,” Comptroller Stringer said. “It’s complex, it will take time, and there are going to be many steps. But we’re breaking new ground, and we are committed to forging a path forward while remaining laser-focused on our role as fiduciaries to the Systems and beneficiaries we serve.”

The Mayor also announced that the City has filed a lawsuit against the five largest investor-owned fossil fuel companies as measured by their contributions to global warming. The City will be seeking damages from BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell for the billions of dollars the City will spend to protect New Yorkers from the effects of climate change. This includes damages to pay for harm that we’ve already seen and damages that are necessary to address harm we expect to happen over the course of this century.

New York City’s lawsuit seeks to recover the billions needed to fund climate change resiliency measures that the City needs to implement to protect the City, its property, and its residents from the ongoing and increasingly severe impacts of climate change. This includes physical infrastructure, like coastal protections, upgraded water and sewer infrastructure, and heat mitigation, but also public health campaigns, for example to help protect residents from the effects of extreme heat. To recover from past harm and prepare for future events, New York City is already executing an over $20 billion resiliency program to protect New Yorkers and build resilience against rising seas, more powerful storms, and hotter temperatures.

Recently uncovered documents make it clear that the fossil fuel industry was well aware of the effects that burning fossil fuels would have on the planet’s atmosphere and the expected impacts of climate change as far back as at least the 1980s. Nonetheless, they deliberately engaged in a campaign of deception and denial about global warming and its impacts, even while profiting from the sale of fossil fuels and protecting their own assets from the effects of rising seas and a changing climate. More than half of the greenhouse gas pollution from the fossil fuel industry has occurred since 1988, according to a recent analysis. Sea levels have risen about one foot since 1900 with much of that rise due to climate change, the most powerful storms are becoming more frequent, and flooding is becoming more frequent and intense.

Growing Impacts of Global Warming - Rising Seas, Dead Zones, Buffalo Snowstorm, Melting Ice Sheet

Report: Encroaching Tides
How Sea Level Rise and Tidal Flooding Threaten U.S. East Coast and Gulf Coast Communities over the Next 30 Years
By the Union of Concerned Scientists

Today scores of coastal communities are seeing more frequent flooding during high tides. As sea level rises higher over the next 15 to 30 years, tidal flooding is expected to occur more often, cause more disruption, and even render some areas unusable — all within the time frame of a typical home mortgage.

An analysis of 52 tide gauges in communities stretching from Portland, Maine to Freeport, Texas shows that most of these communities will experience a steep increase in the number and severity of tidal flooding events over the coming decades, with significant implications for property, infrastructure, and daily life in affected areas.

Given the substantial and nearly ubiquitous rise in the frequency of floods at these 52 locations, many other communities along the East and Gulf Coasts will need to brace for similar changes.

Twice each month (during new and full moons), the combined gravitational pull of the sun and moon creates tides that rise slightly higher than normal.

In some coastal communities, these extreme tides, or spring tides, flood low-lying areas. In many locations, these floods are happening much more often than just 40 years ago. In several communities, tidal flooding has quadrupled in frequency since 1970.

Read more >> 

Watch this informative video from the Union of Concerned Scientists:




Study: Global warming worsening watery dead zones

WASHINGTON (AP) — Global warming is likely playing a bigger role than previously thought in dead zones in oceans, lakes and rivers around the world and it's only going to get worse, according to a new study.

Dead zones occur when fertilizer runoff clogs waterways with nutrients, such as nitrogen and phosphorous. That leads to an explosion of microbes that consumes oxygen and leaves the water depleted of oxygen, harming marine life.

Scientists have long known that warmer water increases this problem, but a new study Monday in the journal Global Change Biology by Smithsonian Institution researchers found about two dozen different ways — biologically, chemically and physically — that climate change worsens the oxygen depletion.

"We've underestimated the effect of climate change on dead zones," said study lead author Andrew Altieri, a researcher at the Smithsonian's tropical center in Panama.

Read more at The Buffalo News


Winter weather weirdness may be just beginning
Warming trend caused freak storm
by Jerry Zremski

November 22, 2014

Brace yourself. November’s white nightmare could become a recurring bad dream of varying intensity.

While last week’s winter blast appears to be the freak offspring of a typhoon-blasted jet stream and a

warm Lake Erie, it’s also part of a long-term pattern that shows no sign of changing.

Meteorologists and geographers say that lake-effect snows have increased as temperatures have warmed in recent decades. That means more bizarre early-season storms, though not necessarily as bad as last week’s, are likely in the future as the warming trend continues.

“The general notion is that, as the climate warms and the lakes hold their warmth longer into the fall, you’re going to see a lot more lake-effect snow until it’s too warm to have much snow,” said Mark Monmonier, distinguished professor of geography at Syracuse University and the author of the 2012 book “Lake Effect: Tales of Large Lakes, Arctic Winds, and Recurrent Snows.”

Read more at The Buffalo News.



Why Greenland’s “Dark Snow” Should Worry You
 By Eric Holthaus

Jason Box knows ice. That’s why what’s happened this year concerns him so much.

Box just returned from a trip to Greenland. Right now, the ice there is … black:

The ice in Greenland this year isn’t just a little dark—it’s record-setting dark. Box says he’s never seen anything like it. I spoke to Box by phone earlier this month, just days after he returned from his summer field research campaign.

“I was just stunned, really,” Box told me.

The photos he took this summer in Greenland are frightening. But their implications are even more so. Just like black cars are hotter to the touch than white ones on sunny summer days, dark ice melts much more quickly.

As a member of the Geological Survey of Denmark and Greenland, Box travels to Greenland from his home in Copenhagen to track down the source of the soot that’s speeding up the glaciers’ disappearance. He aptly calls his crowdfunded scientific survey Dark Snow.

Read more at Slate.