Those Fraudulent Climate Litigation Shakedowns

Paul Driessen

The ultra liberal enclaves of New York City and San Francisco, Oakland, Santa Cruz, San Mateo, Marin, and Imperial Beach, California all claim to be deeply worried about manmade climate cataclysms. They detest petroleum, oppose pipelines, fracking and onshore and offshore drilling, and strongly support renewable energy and expensive electricity: already 17-18¢ a kilowatt-hour for families, rich and poor. They also have huge government pension fund shortfalls (NYC alone has a pension debt of some $65 billion), and are suing BP, ExxonMobil, Chevron, ConocoPhilips and Royal Dutch Shell. They’re gunning for a collective litigation windfall of several hundred billion dollars, to help bail them out. (They’d probably sue coal companies, too, but the Obama era war on coal drove many into bankruptcy.) Their fundamental cause of action claims greenhouse gases (primarily carbon dioxide) from burning oil and natural gas are disrupting Earth’s climate and weather, causing heat waves and frigid winters, floods and droughts, more frequent and intense hurricanes, melting ice packs and rising seas – costing the cities billions of dollars for repairs and adaptation. The calamities pose an “existential threat” to the cities, humanity and our planet. If they’re not happening already, they will within decades, the litigants assert. The oil companies have known about these risks for decades, the cities and counties continue, but hid the information from the public and failed to disclose it in annual reports, stock offerings and other documents. They are thus guilty of fraud, negligent and deliberate failure to warn, product design defects, trespass with dangerous pollutants, and being a public and private nuisance...The ironies are delicious – ripe for being exploited in courtrooms, Congress and courts of public opinion. Start with the fraud allegations. Much to the chagrin of scientists who say humans are not causing climate cataclysms, these oil companies’ reports and press releases have frequently said fossil fuel emissions are a real concern, and the companies haven’t funded climate chaos skeptics for years. Where’s the fraud?...Compare that to Marin County, whose court pleadings assert a 99% risk of catastrophic storm surges and flooding, because of oil and gas combustion. San Mateo County cites a 93% likelihood of climate-related surges, floods and sewer overflows. San Francisco claims an “imminent risk of catastrophic storm surges.” But SF’s 2017 municipal bond offering downplayed the risks, saying it is “unable to predict whether sea-level rise or other impacts of climate change or flooding will occur.” Marin and San Mateo made similar statements to current and prospective bond investors. Ditto for other litigants and climate chaos claims. Courts don’t like forked tongues, prior inconsistent statements, duplicity or fraud. Neither do investors or SEC commissioners. Watching this lawsuit vs. bond offerings tar baby play out in court will be entertaining, and perhaps even one more reason to dismiss the frivolous lawsuit with prejudice...more