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Bullboard - Stock Discussion Forum Nuvista Energy Ltd NUVSF


Primary Symbol: T.NVA

NuVista Energy Ltd. is an oil and natural gas company, which is engaged in the exploration for, and the development and production of, oil and natural gas reserves in the Western Canadian Sedimentary Basin. Its primary focus is on the scalable and repeatable condensate rich Montney formation in the Alberta Deep Basin (Wapiti Montney). Its core operating areas of Wapiti and Pipestone in the... see more

TSX:NVA - Post Discussion

Nuvista Energy Ltd > US climate change lawsuit seeks $50 billion, citing 2021 hea
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Post by Carjack on Jun 22, 2023 6:13pm

US climate change lawsuit seeks $50 billion, citing 2021 hea

An Oregon county on Thursday sued Exxon (XOM.N), Chevron (CVX.N), other major oil and coal companies, and industry groups, seeking over $50 billion to counter the harms caused by extreme weather fueled by climate change.

Multnomah County said in the lawsuit filed in state court in Portland that fossil fuel companies and trade groups like the American Petroleum Institute intentionally deceived the public about the dangers of burning their products for decades. It said the companies and trade groups must now help pay for past and future harms from the extreme weather that has resulted, including a 2021 heat wave in the Pacific Northwest that killed dozens.

Rather than acknowledge the dangers of climate change, the lawsuit said the fossil fuel industry worked to undermine the scientific consensus around the problem "with pseudo-science, fabricated doubt, and a well-funded, sustained public relations campaign to promote their spin."

The lawsuit also targets the consulting firm McKinsey, which it said advises major oil companies, including on strategies to downplay or deny the link between greenhouse gas emissions and extreme weather.

The fossil fuel companies, the American Petroleum Institute and McKinsey did not immediately respond to a request for comment.

The county said it had already begun experiencing climate-related harms, including from the 2021 “heat dome” heat wave that caused temperatures in the county, which includes Portland, to soar to 116 Fahrenheit (46.6 Celsius).

Since the area normally has mild weather, the lawsuit said residents were not equipped with things like air conditioners to handle the elevated temperatures. The county said 69 people in the county died from overheating and the heat wave caused a "crushing economic burden."

The heat wave, and other extreme weather events like wildfires, are a "direct and foreseeable consequence" of the industry's decision to sell fossil fuels for decades despite knowing their harms, according to the lawsuit.

The county is seeking $50 million to repay it for its past efforts to protect public health, safety and property from heat waves and wildfires, at least $1.5 billion for future damages and at least $50 billion for an abatement fund to help study and implement mitigation measures to reduce climate-related harms.

The legal action follows dozens of lawsuits filed in recent years against the fossil fuel industry by states and municipalities across the U.S. broadly alleging harms from climate impacts including extreme weather.

Comment by Oldnagger on Jun 25, 2023 7:49am
The oil industry through the implementation of fracking has led to the development of vast reserves of natural gas. Those reserves are now being used to displace coal , not only in North America but through the use of LNG exports also globally. In fact the oil industry has done more to alleviate GHG emissions than all the eco fruit cakes could ever hope to accomplish with their half baked vapidity ...more  
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