Oil and gas companies have been experiencing a significant challenge to combat climate change as they greatly contribute to global warming despite the world’s increasing demand to transit toward clean energy.
Notably, New York City attempted to hold the industry accountable for the costs of combating the rise in the sea level and the impacts of greenhouse gas emissions. However, federal appeals court came out in favor of five of the world’s biggest oil companies, namely Exxon Mobil Corporation XOM, Royal Dutch Shell Plc RDS.A, BP PLC BP, Chevron Corporation CVX and ConocoPhillips COP, in an appeal regarding a climate lawsuit that New York City filed.
In 2018, New York City sued the five aforementioned companies, claiming that the multinational energy companies are responsible for the damages caused by greenhouse gas emissions. The suits demand taxpayers be compensated for the costs of adapting to climate change and obtain remedies due to the companies’ legal commercial activities in producing and selling fossil fuels globally.
Climate change, which is the primary environmental problem of this century, has become a point of considerable debate as it is an emerging threat to global public health and the ecosystem. However, the United States Court of Appeals for the Second Circuit claimed that New York City cannot hold the energy firms accountable for the consequences of global warming under New York tort law. The U.S. appeals court identified global warming as a uniquely international problem of national concern and therefore should be addressed by federal law and international treaties.
The rejection of the case is a blow to the communities and other cities seeking to hold the oil giants accountable for the impacts of climate change. Notably, the court stated that states and cities do not have provisions to take legal action against oil companies for their contribution to global warming as emissions are under federal regulation.
In 2019, Exxon overcame a similar lawsuit filed by the state of New York, which accused the Zacks Rank #1 (Strong Buy) oil giant for covering up the actual costs of climate change regulations. Notably, Exxon misinformed investors by providing inaccurate information and telling them that it had properly assessed the impacts of future climate regulations on its business.
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Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
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Exxon Mobil Corporation (XOM) : Free Stock Analysis Report
Chevron Corporation (CVX) : Free Stock Analysis Report
ConocoPhillips (COP) : Free Stock Analysis Report
Royal Dutch Shell PLC (RDS.A) : Free Stock Analysis Report
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