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To the Point

Exxon Mobil goes to court

To the Point

KCRW

News

4.4583 Ratings

🗓️ 26 October 2019

⏱️ 11 minutes

🧾️ Download transcript

Summary

The world’s biggest oil company is on trial in New York for defrauding investors out of $1.6 billion.  It’s accused of hiding the real value of fossil fuels in the era of climate change. Will the case set an example for court action by other states and cities?

Transcript

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0:00.0

Carolinas are being swamped by these heavy rains and high winds from Hurricane Florence.

0:08.0

The best scientists in the world are all telling us that our activities are changing the climate.

0:13.0

I don't think it's a hoax. I think there's probably a difference, but I don't know that it's man-made.

0:18.0

Experts say that we have until 2030 to avoid catastrophe.

0:22.2

Exxon News! Exxon News! Exxon News! Exxon News! That's the sound of climate change protesters outside a

0:31.7

courthouse in New York City this week as a trial against Exxon Mobil got underway. The case

0:37.4

was filed back in 2015 by then

0:39.7

New York Attorney General, Eric Schneiderman. There's nothing wrong with advocating for your own

0:45.9

company. What you're not allowed to do is commit fraud. Bernie Sanders calls this the climate

0:50.8

trial of the century, and legal experts agree the case could be a landmark

0:55.3

in deciding what fossil fuel companies like Exxon have to reveal about the future costs of

1:02.0

climate change. The charge is that Exxon deceived its shareholders, and the state's formal

1:08.8

accusation is fraud.

1:16.4

Jennifer Hijazi is covering the action for Climate Wire at E&E News.

1:17.7

Thanks for joining us.

1:18.8

Thank you for having me.

1:21.5

Exxon is accused of deceiving investors.

1:22.9

What are they supposed to have done? So the New York Attorney General is accusing Exxon Mobile of misrepresenting how it handled climate

1:29.1

risks to its shareholders in their business planning, specifically through how the company

1:34.1

used what's being called proxy costs of carbon in their business planning.

1:39.4

So New York Attorney General said Exxon told their investors they were using one proxy cost

1:44.0

of carbon, a higher proxy cost of carbon, a higher

...

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