Bank of America analysts warn that oil, gas and coal companies are facing an escalating number of lawsuits for alleged climate abuse. No amount of lobbying at this point is going to change the direction,” she told a Carbon Tracker forum in London. 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. In a report released Tuesday, Goldman Sachs said it expects more than 100 legal actions against oil companies, including those involved with fracking or tar sands production. 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.
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. In a report released Tuesday, Goldman Sachs said it expects more than 100 legal actions against oil companies, including those involved with fracking or tar sands production. 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.