New York attorney general investigates Exxon on statements of climate change risk

The New York attorney general is investigating Exxon Mobil to find out whether the company has misled the public and its shareholders about the adverse effects climate change has on the oil industry.

The New York Times reported that Attorney General Eric T. Schneiderman demanded Exxon Mobil's financial records, emails, and other documents in a subpoena he issued Wednesday. The investigations seek to determine of the company's present statements on climate risks are consistent with its long-term scientific research.

St Louis Post-Dispatch writes that Scott Silvestri, another Exxon spokesperson said the company got the subpoena but rejects the allegations that it suppressed research. He said the oil company has given its shareholders information on the risk of climate change to the business. "ExxonMobil's nearly 40-year history of climate research that was conducted publicly in conjunction with the Department of Energy, academics and the UN Intergovernmental Panel on Climate Change," he said. Meanwhile, Exxon Vice President Ken Cohen said, "ExxonMobil recognizes that climate risks are real and responsible actions are warranted." Cohen said scientists has published almost 150 papers and acquired some 300 patents for technological advances in decreasing emissions.

Reuters reported that Exxon spokesman Richard Keil said the company includes data about the risk of climate change on the business in their reports to the shareholders, quarterly filings, and even its corporate citizenship report. The investigation started a year ago and it involves data that goes way back 1970s. According to reports, the Exxon investigation might include other oil firms.

Schneiderman's investigation on fossil fuel companies may open a new legal front in the battle against climate change. Peabody Energy, America's biggest coal producer, is also under investigation by the attorney general for a couple of years now due to allegations of not properly reporting the financial risks climate change can bring. This has not yet resulted to any legal actions yet.