What a Weird Month for the Oil Industry!

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Major oil companies just saw some big, unprecedented losses.

, banning sales of fossil-fueled vehicles by 2040, mandating an end to all ongoing fossil fuel production by 2042, and greening 74 percent of the country’s electricity by 2040. But it only commits to an emissions reduction of 23 percent from 1990 levels by 2030—which is much less meaningful than a 23 percent reduction from 2020 levels would be, and is a lower rate than those recently promised by other European countries.The U.S.

On May 17, the Supreme Court turned away a 2018 lawsuit filed by the city of Baltimore against dirty energy companies for harming it by marketing fossil fuels and obscuring their damages. Now the case goes back to the U.S. Court of Appeals for the 4Circuit. The justices didn’t determine whether energy companies have a duty to compensate cities for climate damages, but instead focused on the route of litigation: in state courts vs. federal courts.

 

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