Corporate responsibility

Dead birds covered in oil

Guyana lawmakers pass bill making companies liable for oil spill damages

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The legislation stipulates that responsible parties provide financial assurance to cover spills, conduct regular inspections and audits, and address any issues found.
The legislation stipulates that responsible parties provide financial assurance to cover spills, conduct regular inspections and audits, and address any issues found. It also includes penalties for companies that fail to comply with regulations, including the suspension of licenses to explore and produce oil for those that do not provide the financial assurance required. The bill, which passed with a majority of votes cast in a simple voice vote, is expected to be signed into law by President Irfaan Ali soon.

Chevron gas station

Chevron ordered to pay $740 million to restore Louisiana coast in landmark trial

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Jurors have found that energy giant Texaco, acquired by Chevron in 2001, had for decades violated Louisiana regulations governing coastal resources by failing to restore wetlands impacted by dredging canals, drilling wells, and billions of gallons of wastewater dumped into the marsh. The case was the first of dozens of pending lawsuits to reach trial in Louisiana against the world’s leading oil companies for their role in accelerating land loss along the state’s rapidly disappearing coast.

ING headquarters

Dutch bank ING to ditch climate laggards as clients

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Dutch bank ING will dump large clients it believes are not making sufficient progress on reducing their climate impact, in the latest sign of divergence between European and US banks over the risks of global warming. Chief executive Steven van Rijswijk said ING had put its clients on notice that it would either restrict or stop providing finance to companies that fail to address their carbon footprint on a case-by-case basis. Van Rijswijk said ING had assessed 2,000 of its largest clients based on their publicly available climate transition plans and other data. Companies had until 2026 to make sufficient progress, he said.   

Chiquita banana

Colombian victims win historic lawsuit in U.S. court over banana giant Chiquita

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Following 17 years of legal proceedings, victims of paramilitary violence in Colombia have obtained justice, as a jury found the banana company Chiquita Brands International liable for financing the United Self-Defense Forces of Colombia (AUC) paramilitary group. The ruling is historic because it’s the first time an American jury has held a major U.S. corporation liable for complicity in serious human rights abuses in another country. Victims’ families will receive $38.3 million in compensation.

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