NY prosecutor says Exxon misled investors on climate change
Source: Reuters
ENVIRONMENT | Fri Jun 2, 2017 | 10:57am EDT
NY prosecutor says Exxon misled investors on climate change
By Emily Flitter | NEW YORK
New York's top prosecutor on Friday increased pressure on Exxon Mobil to turn over records of internal assessments of the risks global warming poses to its businesses, claiming to have found evidence of "potential materially false and misleading statements by Exxon," court filings show.
Attorney General Eric Schneiderman has been investigating whether the U.S. oil giant misled investors by publicly stating that it thought the risks of climate change were low while privately admitting they were far higher. But on Friday he said Exxon ignored a formula it told investors it was applying to estimate the cost of future environmental regulation on new deals when putting together internal projections.
His filing came a day after President Donald Trump announced plans to withdraw the U.S. from the Paris climate accord, in which nearly 200 countries pledged to lower their greenhouse gas emissions to try to slow global warming. World leaders and many U.S. executives condemned the decision.
An Exxon spokesman did not immediately respond to a request for comment. Exxon has called the probe politically motivated and abusive.
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Read more: http://www.reuters.com/article/us-usa-climatechange-exxon-idUSKBN18T1XK
