The Attorneys General of several U.S. states and territories are in the process of investigating Exxon Mobil, an American oil and gas corporation that is believed to have misled investors and the public about climate change in order to benefit its own interests.
"We've gathered here today for a conference, a first-of-its-kind conference of Attorneys General dedicated to coming up with creative ways to enforce laws being flouted by the fossil fuel industry and their allies in their short-sighted efforts to put profits above the interests of the American people and the integrity of the financial markets," Eric Schneiderman, New York's current Attorney General, said at yesterday's conference while announcing the coalition's intentions.
Exxon Mobil was originally accused of misleading investors last fall when it came to light that they possessed knowledge of the detrimental effects of climate change despite their disavowal of it.
Schneiderman's office subpoenaed Exxon Mobil back in November for climate change documents dating back to the 1970s, which they claim contain proof that the company was aware of the causes and consequences of climate change.
"This office has been engaged in a wide-ranging investigation into whether Exxon and others deceived investors and the public regarding the causes and impacts of climate change - including its effect on future profits," said Doug Cohen of Schneiderman's office. "The disclosures and statements we are looking at range from 1977 up to this day."
The issues have caused numerous high profile investors to back away from the company, including some Rockefeller heirs.
"There is no sane rationale for companies to continue to explore for new sources of hydrocarbons," the Rockefeller Family Fund (RFF) said in a statement. "The science and intent enunciated by the Paris agreement cannot be more clear: far from finding additional sources of fossil fuels, we must keep most of the already discovered reserves in the ground if there is any hope for human and natural ecosystems to survive and thrive in the decades ahead."
Despite the accusations, Exxon Mobil claims that their scientists were not certain of the effects of climate change and assures that they are strongly supportive of the fight against climate change and greenhouse gas emissions.
Experts believe that the case has the potential to trigger a cascade of federal racketeering and organized crime (RICO) laws that the Justice Department used in their landmark case against tobacco companies.
