Proactive Investors - Exxon (NYSE:XOM), BP (LON:BP), Shell (LON:RDSa), ConocoPhillips (NYSE:COP) and Chevron (NYSE:CVX) are being sued by the State of California, which claims they have lied for decades about the extent of the damage likely to be caused by using oil and gas.
A civil suit filed in the state Superior Court in San Francisco wants the companies to pay into a fund to repair damage caused by wildfires and storms that have recently ravaged the region.
California governor Gavin Newsom added: “For more than 50 years, Big Oil has been lying to us – covering up the fact that they’ve long known how dangerous the fossil fuels they produce are for our planet.”
In its writ, California alleges that the five companies have known about the dangers of climate change since the fifties but downplayed the threat in marketing material and even started a disinformation campaign as fear grew in the seventies.
Industry lobby group the American Petroleum Institute, which is also being sued, replied: “This ongoing, coordinated campaign to wage meritless, politicised lawsuits against a foundational American industry and its workers is nothing more than a distraction from important national conversations”.
Shell added: “Addressing climate change requires a collaborative, society-wide approach.”
Shares in the companies were little affected with Chevon and Exxon up slightly ahead of US trading and Shell and BP up and down 0.5% respectively in London.