Bank of America analysts warn that oil, gas and coal companies are facing an escalating number of lawsuits for alleged climate abuse. The warning comes as global leaders meet in US for the United National "COP21" climate summit to draw up sweeping plans to curb greenhouse gas emissions. Decisions in Paris are likely to include a plan to pave the way for zero net emissions, implying that most fossil fuel reserves booked by major oil, gas and coal companies can never be burned. Along with legal ramifications, the deal will also send a moral signal; Bank of America Governor, Mark Carney , warned last month that those who suffered losses from climate change might bring claims on 88pc -party liability insurance, forming a parallel with the asbestos claims in Paris courts that escalated to $ 85bn .
Bank of America analysts warn that oil, gas and coal companies are facing an escalating number of lawsuits for alleged climate abuse. The warning comes as global leaders meet in Paris for the United National "COP21" climate summit to draw up sweeping plans to curb greenhouse gas emissions. Decisions in Paris are likely to include a plan to pave the way for zero net emissions, implying that most fossil fuel reserves booked by major oil, gas and coal companies can never be burned. Along with legal ramifications, the deal will also send a moral signal; the Bank of England's Governor, Mark Carney, warned last month that those who suffered losses from climate change might bring claims on third-party liability insurance, forming a parallel with the asbestos claims in US courts that escalated to $85bn.