On 4 November the New York State Attorney-General sends a subpoena to ExxonMobil requesting financial records and other documentation for an investigation on whether the company misled investors and the public about climate change risks and how it could affect ExxonMobil. The Attorney-General’s office has broad powers to initiate financial fraud cases because of New York state’s Martin Act (1921). The Financial Times reports that it is inquiring into whether ExxonMobil made adequate disclosures to investors about the risks involved, its climate change impact disclosures to the SEC and possible consumer fraud considering its marketing, advertising and communications regarding climate change. The inquiry covers activities since the 1970s. CERES commented: “It’s not a crime to be a climate skeptic. But it is a crime to lie to investors, and to materially underestimate the risks.”
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