Governments and Big Oil were first. The next wave of climate lawsuits will target banks and boards – By Sam Meredith (CNBC) / Nov 11 2021
- “I think that the next step is to start also litigating against financial institutions who make these emissions and fossil fuel projects possible,” said Roger Cox, lawyer for Milieudefensie, an environmental campaign group and the Dutch branch of Friends of the Earth.
- The Hague District Court on May. 26 ordered the Anglo-Dutch oil giant to reduce its global carbon emissions by 45% by the end of 2030, compared with 2019 levels.
- The ruling marked the first time in history that a company had been legally obliged to align its policies with the Paris Agreement and reflected a watershed moment in the climate battle.
GLASGOW, Scotland — Financial institutions and individual board members could be the next targets of climate litigation cases, according to the campaigners who helped to secure a landmark courtroom victory against oil giant Royal Dutch Shell.
It comes at a time when countries are scrambling to reach consensus in the final days of the COP26 climate summit. Negotiators from 197 countries are taking part in discussions with the goal of keeping the all-important global target of 1.5 degrees Celsius alive.
There is not yet any clear indication of whether the talks will be able to meet the demands of the climate emergency.
“We have litigated against countries and been successful,” said Roger Cox, lawyer for Milieudefensie, an environmental campaign group and the Dutch branch of Friends of the Earth. “Now we have shown that one can successfully litigate against fossil fuel corporations and I think that the next step is to start also litigating against financial institutions who make these emissions and fossil fuel projects possible.”
