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posted by martyb on Monday October 21 2019, @04:42PM   Printer-friendly
from the lies,-damn-lies,-and-statistics dept.

Arthur T Knackerbracket has found the following story:

Charges that Exxon Mobil misled investors on the financial risks of climate change will be heard in court this month after a New York judge gave the green light for a trial.

[...] Barry Ostrager, a New York judge, rejected motions on Wednesday night and set a trial to begin next Tuesday.

The lawsuit alleges that Exxon defrauded investors by claiming to fully account for the financial impact of future climate change mitigation policies, when it was not actually doing so.

[...] "As a result of Exxon's fraud, the company was exposed to far greater risk from climate change regulations than investors were led to believe," according to the complaint, which said the scheme enabled Exxon to avoid large asset write-downs that would have represented billions of dollars in lost revenue.

The complaint points the finger at the highest levels of Exxon, including former chief executive and US Secretary of State Rex Tillerson, who "knew for years that the company's representations... were misleading," the complaint said.

An Exxon spokesman said the New York case against it "is misleading and deliberately misrepresents" the company's practices for assessing climate policies.

"The New York Attorney General's allegations are false," the spokesman said.

[...] In August 2018, the US Securities and Exchange Commission ended an investigation into Exxon's decision not to write down assets because of future climate change regulations, taking no action against the company.


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  • (Score: 0) by Anonymous Coward on Tuesday October 22 2019, @01:55AM (4 children)

    by Anonymous Coward on Tuesday October 22 2019, @01:55AM (#910110)

    Glaciers melting has been an issue for over a hundred years now, but don't forget we've just come out of the Little Ice Age 150 years ago.

    Wtf? Glaciers melted at a rate in the last 100 years about 1/3 slower than the long term average.

  • (Score: 0) by Anonymous Coward on Tuesday October 22 2019, @02:01AM (3 children)

    by Anonymous Coward on Tuesday October 22 2019, @02:01AM (#910114)

    Citation needed.

    • (Score: 1, Informative) by Anonymous Coward on Tuesday October 22 2019, @02:09AM (2 children)

      by Anonymous Coward on Tuesday October 22 2019, @02:09AM (#910116)

      Since at least the start of the 20th century, the average global sea level has been rising. Between 1900 and 2016, the sea level rose by 16–21 cm (6.3–8.3 in).[2] More precise data gathered from satellite radar measurements reveal an accelerating rise of 7.5 cm (3.0 in) from 1993 to 2017,[3]:1554 which is a trend of roughly 30 cm (12 in) per century.
              [...]
      Since the last glacial maximum about 20,000 years ago, the sea level has risen by more than 125 metres (410 ft), with rates varying from less than a mm/year to 40+ mm/year

      https://en.wikipedia.org/wiki/Sea_level_rise [wikipedia.org]

      So that is 62.5 cm/century on average vs 16 - 30 cm/century the last 100 years. The average is 2-3.9 times higher.

      • (Score: 0) by Anonymous Coward on Tuesday October 22 2019, @03:57AM (1 child)

        by Anonymous Coward on Tuesday October 22 2019, @03:57AM (#910153)

        Supposing you are the GP, the request was for citation on change in glacier melt rates you were asserting. Not sea level rise.

        • (Score: 0) by Anonymous Coward on Tuesday October 22 2019, @04:01AM

          by Anonymous Coward on Tuesday October 22 2019, @04:01AM (#910155)

          Probably a waste of time to deal with such an idiotic post, but here are the next few words included in the same quote:

          Since the last glacial maximum about 20,000 years ago, the sea level has risen by more than 125 metres (410 ft), with rates varying from less than a mm/year to 40+ mm/year, as a result of melting ice sheets over Canada and Eurasia.

          Good luck to you.