Renewable Revolution

May 22, 2018 by Bloomberg

SNIPPET:


By Kelly Gilblom (Bloomberg) — After paying more than $65 billion in legal costs for the Deepwater Horizon catastrophe, BP Plc is wary of the risk of lawsuits related to climate change.

Chief Executive Officer Bob Dudley raised the topic of class-action lawsuits twice during the company’s annual general meeting in Manchester, England on Monday, saying he wouldn’t disclose certain climate targets, or even answer some questions from activist investors, because the risk of legal action in the U.S. was too high.

“You want to get us to make statements here in front of you that you can document that will lead to a class action,” Dudley said in response to one question from the Union of Concerned Scientists about pending U.S. litigation against energy companies. Such legal actions are “a business model in the United States,” he said.

The sharp exchange between BP and two advocacy groups — Amnesty International  and the Union of Concerned Scientists  — shows the growing pressure on major oil companies to acknowledge their responsibility for emissions of greenhouse gases. It also reflects the burgeoning efforts to hold them legally responsible for the potentially disastrous consequences of rising global temperatures.

Lawsuit Fodder

“BP could be on the hook for millions, if not billions of dollars,” Kathy Mulvey, accountability campaign director at the Union of Concerned Scientists, said in a statement. “Why wouldn’t shareholders want to know about the risk of legal liability, a risk that’s growing rapidly as climate costs multiply.”

In response to another questioner who suggested that selling oil and gas should be considered a violation of human rights, Dudley warned shareholders this could be another attempt to mire BP in a class-action suit. An open letter from shareholders including Aviva Plc last week urging more transparency could also end up providing lawsuit fodder, he said.

“BP 😈 absolutely believes in being transparent. Transparency is beneficial to all,” Dudley said. “But we don’t want climate disclosures to be a tool for class-action lawyers.”


Full article:

http://gcaptain.com/sharp-exchanges-highlight-bp-fears-of-climate-legal-jeopardy/