Big Coal forced to admit deception on climate change
Peabody Settlement Shows Muscle of Law Now Aimed at ExxonCoal giant's climate change settlement is 'unprecedented first step' in forcing honest disclosures from fossil fuel companies, NY attorney general says.
By David Hasemyer, InsideClimate News
Nov 10, 2015
Pulling the same legal levers as those involved in its climate change investigation of ExxonMobil, the New York state attorney general's office obtained an agreement from coal giant Peabody Energy to end misleading statements and disclose risks associated with global warming.
Peabody Energy has a responsibility to be honest with investors and the public about the risks posed by climate change, New York Attorney General Eric T. Schneiderman said in announcing the settlement with Peabody Monday. Other fossil fuel companies must embrace the same obligation, Schneiderman said.
The agreement calls for Peabody to make more detailed disclosures to investors about the financial risks the company faces from any future changes in policies and regulations associated with climate change and other environmental issues that could reduce demand for its product and affect the company's profitability. The company does not face any fines or other penalties.
The settlement concludes a two-year investigation in which state prosecutors found that Peabody had not been upfront with investors and regulators about threats to its business from climate change issues, concerns the company considered behind closed doors, according to the 19-page settlement.