“So They Knew”: As NY Court Convenes on Exxon Climate Liability, – AOC Questions Exxon Scientist

October 24, 2019

Description:

House Democrats on Wednesday laid out evidence that the oil behemoth ExxonMobil had known since the 1970s about the potential for a climate crisis and intentionally sowed doubt about it. One of those testifying was Martin Hoffert, a scientist consultant for Exxon Research and Engineering in the 1980s. Responding to the New York congresswoman Alexandria Ocasio-Cortez, Hoffert testified that in 1982, Exxon scientists predicted how carbon dioxide levels would rise and heat the planet as humans burned more fossil fuels  Exxon sowed doubt about climate crisis, House Democrats hear in testimony.

 

exxongrph1

Climate Liability News:

In its opening arguments in the People of New York v. ExxonMobil, the New York attorney general’s office emphasized that the lawsuit hinges not on whether the oil giant properly calculated the risk that climate change poses to its business, but whether it was honest with the public and investors about those calculations.

The case opened Tuesday in New York Supreme Court, with Judge Barry Ostrager hearing the first arguments in a trial that will decide whether Exxon deceived investors in violation of the Martin Act, New York’s powerful anti-fraud statute. If New York Attorney General Letitia James succeeds in proving fraud because Exxon use of one set of numbers to calculate climate risk to shareholders while using a different number to privately plan how to invest the company’s own funds, it could cost the company between $476 million and $1.6 billion, the approximate amount James said the deception cost Exxon’s shareholders. The AG’s office is asking the court to create a shareholders’ restitution fund.

The trial is scheduled to last three weeks and include millions of pages of company documents as evidence.

Exxon didn’t deny that it used different numbers, but said they did not represent fraud. The company said it used the proxy cost of carbon number to determine how climate-related regulations might affect the future demand for energy. The other number—the greenhouse gas (GHG) cost—was used to calculate the costs climate-related regulations might have on potential projects.

The oil giant maintains it has made accurate disclosures about the two numbers to investors and says the AG’s office is “twisting the content of those disclosures” to make it appear as though it misled the public.

————

(Judge) Ostrager has set aside three weeks for the trial and said he anticipates issuing a verdict within 30 days of its conclusion.

Bonus: AOC grills Facebook CEO Mark Zuckerberg:

One Response to ““So They Knew”: As NY Court Convenes on Exxon Climate Liability, – AOC Questions Exxon Scientist”

  1. rhymeswithgoalie Says:

    “So they knew.”
    I think they rightly predicted that they would make a lot more money and no one (making the decisions at the time) would go to jail.

    I have a mantra to help me through this and the Trump monstrosities:
    “SSM legal…pot being decriminalized…outing of sexual predators…
    SSM legal…pot being decriminalized…outing of sexual predators….”


Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: