'Wow Wow Wow… Huge News' as New York Sues ExxonMobil for Defrauding Investors by Hiding Climate Threat

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After a three-year probe and amid mounting demands that the fossil fuel industry be held accountable for driving the climate crisis, New York Attorney General

“Big oil may finally face some consequences for its role in wrecking the climate,” declared 350.org co-founded Bill McKibben. “The New York Attorney General is standing up for investors who may have been swindled, and indirectly for the seven billion of us who will suffer from Exxon’s lies.”

Underwood said in a statement.

New York investigators, she said, concluded that “Exxon built a facade to deceive investors into believing that the company was managing the risks of climate change regulation to its business when, in fact, it was intentionally and systematically underestimating or ignoring them, contrary to its public representations.”

The complaint (pdf) details years of troubling actions by Exxon’s leaders—including former CEO Rex Tillerson, who

The state’s probe, launched by Underwood’s predecessor , came to light in 2015 after the Los Angeles Times and InsideClimate News reported that the company had “conducted cutting-edge climate research decades ago and then, without revealing all that it had learned, worked at the forefront of climate denial.”

And as Richard Wiles, executive director of the Center for Climate Integrity, observed, “Climate change deception is central to Exxon’s business model.” The company pocketed immense profits while it “bankrolled a 30-year, multi-million denial campaign, manufacturing doubt about climate science when it knew there was none.”

While Exxon continues to make money from oil and gas production, coastal communities are facing the mounting financial and environmental costs of the climate crisis. Wiles, like many others who support the ongoing litigation against fossil fuel firms, said Wednesday that Exxon “needs to pay investors they misled and the cities and states now facing massive climate expenses.”

In addition to making the companies pay for the consequences of their products, climate campaigners are demanding a worldwide transition to renewable energy. Referencing the recent IPCC report that stated the international community must take rapid action to prevent climate catastrophe, Ages pointed out: “The stakes have never been higher in capping carbon emissions.”

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