Friday, November 13, 2015

More warn against liability for climate change damages

According to the Daily Telegraph, both a representative of the Bank of America and the Prince of Wales warned that fossil fuel companies could be hold massively liable for damages triggered by CO2 emissions. According to the Daily Telegraph, “investors in the City are increasingly concerned that fossil fuel groups and their insurers are on the wrong side of a powerful historical shift and could be swamped with exorbitant class-action lawsuits along the lines of tobacco and asbestos litigation in the US”.

In addition to the liability towards victims of climate change, fossil fuel companies might be liable towards shareholders. The New York Attorney General has just launched an investigation which is likely to address mainly this second aspect of liability, see this report of the New York Times.

Also Read:  Bank of England: Liability for climate changes damage may affect financial stability

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