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New York sues oil major for misleading investors on climate risks

The state of New York is filing a lawsuit against oil major ExxonMobil for misleading investors about its climate change mitigation efforts.

Photo: /ritzau/AP/Matt Brown/Arkiv

New York Attorney General Barbara Underwood filed a lawsuit Wednesday against the world's largest oil company, ExxonMobil, for having misled investors about the company's efforts to protect its interests by accounting for regulatory and carbon pricing changes related to climate change mitigation, reports Bloomberg News.

Underwood is accusing ExxonMobil of having told its investors that the group had sufficiently accounted for future higher costs of and stricter regulations for emitting greenhouse gases. However, the company had in fact done much less than it had claimed.

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