CLIMATE LIABILITY NEWS: Investors Detail Exxon’s Misleading Reports on Climate Risks in New York Trial

The second day of Exxon’s climate fraud trial in New York featured testimony from two major investors. 

By Karen Savage, October 23, 2019

The second day of Exxon’s climate fraud trial kicked off with two witnesses for the attorney general’s office testifying Wednesday that the oil giant has been anything but clear about the way it assesses the risk posed to its business by climate change. 

Exxon failed to disclose that it used two different numbers to calculate climate risk, according to testimony by Natasha Lamb, director of research and shareholder engagement for Arjuna Capital and Michael Garland, assistant comptroller for corporate governance and responsible investment for the city of New York. 

Their testimony supports claims made by Attorney General Leticia James, who alleges that Exxon violated the Martin Act, her state’s powerful anti-fraud statute. James alleges Exxon committed fraud, deceiving investors by using one set of numbers to calculate climate risk to shareholders while it used different numbers to privately plan how to invest the company’s own funds. 

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