[BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell] are facing a lawsuit for “billions of dollars” after New York City accused them of contributing to climate change. The city also said it would start analysing ways to divest its pension funds, which have $189bn in assets, of fossil fuel companies “in a responsible way that is fully consistent with fiduciary obligations”.

...The same five companies are fighting court cases in California brought by cities and counties over the harm they expect to suffer from climate change. Exxon in a court filing this week described those actions as “abusive law enforcement tactics and litigation” that were attempting to stifle the company’s right to “participate in the national dialogue about climate change and climate policy”.

...Exxon responded that it welcomed “any well-meaning and good faith attempt to address the risks of climate change”, and reducing greenhouse gas emissions required global action... it added: “Lawsuits of this kind... simply do not do that.”

...Shell... said in a statement: “We believe climate change is a complex societal challenge that should be addressed through sound government policy and cultural change to drive low-carbon choices for businesses and consumers, not by the courts.” Chevron described the lawsuit as “factually and legally meritless”, and said it would “only serve special interests” rather than addressing the real issue of climate change. Conoco and BP declined to comment.

...Mr de Blasio and comptroller Scott Stringer will submit a “joint resolution to pension fund trustees” to begin the process of divesting. New York City’s five pension funds hold $5bn in the securities of over 190 fossil fuel companies.