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Exxon was accused of misleading investors about climate change



  Syncrude Oil Sand Extraction Facility Behind a Lake, mined by an old mine near Fort McMurray in Alberta, Canada, on October 22, 2009. Copyright Copyright
Get Images [19659004] Image caption [19659005] Exxon is accused of misleading investors about the potential cost of financial regulation

The unprecedented climate change process against US oil giant Exxon Mobil is slated to continue in New York.

The state accused the company of misleading investors about the potential costs of regulating business climate.

Exxon says it has shared the necessary information and the allegations are politically motivated.

The case is at the forefront of the increasing number of legal actions facing oil and gas companies.

The Exxon fraud lawsuit will begin on Tuesday and is expected to last 1

5 days. Former Secretary of State Rex Tillerson, who led Exxon for a decade, is among those likely to appear in court.

"This is a milestone as part of the growing wave of cases that Exxon and other major oil companies are facing, not only here in the United States, but actually in jurisdictions around the world," says Carol Muft, President of Center for International Environmental Law.

Fraud Alleged

The Attorney General of New York filed a financial fraud case in 2018, after years of investigation by state authorities.

In court files, the state says that internal documents show that Exxon has evaluated new projects based on climate change cost estimates that are lower than what he told investors to use. [19659007] These calculations made investments look less risky and less valuable.

"By claiming that it applies higher estimated carbon costs than it actually uses, ExxonMobil made its assets appear significantly more secure than they actually were, which had a significant impact on the share price," the state wrote .

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Getty Images

Image caption

Former Secretary of State Rex Tillerson was Exxon's chief executive officer when he was pressured to take into account climate change

Exxon does not dispute that it used two calculations to estimate the cost of potential regulation.

However, the firm claims that these calculations are "proprietary" and investors were not misled.

"Reasonable Investors Reviewing ExxonMobil's Discoveries Understand that Climate Risks Are ExxonMobil's Decision Making, Which Is All That Matter To

Legal Experiment

Activists Have Been Exxon For Years to be more transparent about how climate change has affected his business, in part because he hopes that an accurate assessment of financial risks will shift the money toward more sustainable alternatives.

Analysts say the New York case is an example of this kind of experiments, co it happens as governments seek to attract companies responsible for climate change.

Rhode Island has filed lawsuits against Exxon and BP, citing coastal damage, authorities in the Philippines and Canada are also investigating fossil companies

In recent weeks, the Massachusetts attorney general has outlined plans to continue the case, accusing Exxon of fraudulent marketing.

"Regardless of the outcome [of the New York case]the reality, which is clear and cannot be inevitable, is that the future of Exxon and [other fossil fuel] companies is litigated and is yet to grow." Mr Muftet said.


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