Exxon trial probes how oil giant accounts for climate change
NEW YORK (AP) — New York’s attorney general is accusing Exxon Mobil of lying to investors about how profitable the company will remain as governments impose stricter regulations to combat global warming.
The lawsuit, which is set to go to trial Tuesday, claims the Texas energy giant kept two sets of books to make the company appear more valuable to investors.
Exxon denied the allegations, calling them politically motivated, and said the company looks forward to being exonerated in court.
At stake is how much value investors will still see in oil and gas companies once the impact of climate change — and the stepped-up efforts to curb it — become more apparent.