When it comes to climate change, New York City is bringing the fight to court.

Mayor Bill de Blasio announced Wednesday that the city is suing five oil companies for costs associated with damage inflicted on New York City by the effects of global warming, such as sea level rise.

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The city will also divest the $189 billion NYC pension fund from all companies that own fossil fuel reserves. According to the mayor's office, the plan makes New York the "largest municipality to make the divest pledge." They estimate that the divestment will amount to $5 billion, and DeBlasio suggested that the city will reinvest in "the fuel of tomorrow."

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Mayor de Blasio made the announcement in a press conference on Wednesday. He and other speakers invoked the lives lost and billions of dollars of damage caused by Hurricane Sandy, and the expectation that New York could face more frequent and damaging floods.

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"In this city, we're going to lead the fight against climate change as if our lives depend on it, because they do," Mayor de Blasio said.

The city is suing "the five largest investor-owned fossil fuel companies as measured by their contributions to global warming": BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell.

Based on reports that oil companies knew about the dangers posed by climate change for decades but intentionally misled the public for private gain, the suit contends that the oil companies should pay for damage caused by Hurricane Sandy, which was in part tied to the effects of global warming. Further, these companies should fund building projects and resilience measures that guard against future storm damage, the suit contends.

With the lawsuit, New York joins several California cities taking legal action against oil companies, including San Francisco and Santa Cruz. It's the first legal action of its kind outside of California. And as the largest city in the country, New York City could inspire similar suits across the country.

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De Blasio stated in the press conference that he hopes to lead by example in holding oil companies accountable.

"We will take our own action to protect our people," de Blasio said. "And when we act, we hope others will follow because they see the biggest city in this country decisively moving forward."

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That legal domino effect could very well come to fruition — and, en masse, have an actual impact on climate change policy.

Michael Burger, executive director of Columbia University's Sabin Center for Climate Law, said that one thing to look out for in the wake of New York's lawsuit is the proliferation of similar suits across the country. Individually, the suits could result in great financial gain for the specific cities that file them. And with the threat of multiple suits, the legal liability and cost could prompt policy change from both energy companies and governments.

"One potential form of impact is that if this type of litigation gathers momentum, and it becomes a big enough risk to the industry, the industry may seek to gather protection from government in some form," Burger said. "It may well be that that requires some actual policy to be developed and implemented to reduce greenhouse emissions."

Still, New York and other cities filing these suits have a long road ahead of them. Burger said it is likely that the oil companies will immediately move to dismiss the case. If that fails, they could potentially take retaliatory legal action, such as blocking these sorts of lawsuits through Congress, or by targeting the people bringing the suits with complaints such as conspiracy and legal abuse.

ExxonMobil is currently pursuing this course of action with a suit, filed in Texas, against individuals in California: They have asked Texas courts for the ability to depose plaintiffs and lawyers filing the California climate change suits, in order to determine whether there is a special interest conspiracy, thereby quashing the climate change lawsuit.

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"As a legal matter, it's very similar," Burger said, comparing the California and New York cases. However, he noted that New York could move the needle on urgency for both sides because New York City has "suffered both very extreme impacts as a result of Sandy, and it has also been out in front in planning for and investing in climate change adaptation and resilience. It's quite possible that the ultimate amount of money at stake here is significantly larger than in any of the other cases that have been brought before."

That potential for financial impact on oil and fossil fuel companies becomes even larger when taken with the divestment action. Comptroller Scott Stringer noted that the city of New York is a major player in the investment world. He plans to wield that power to ensure the financial future of New Yorkers, and to invest in a greener and sustainable future.

"Safeguarding the retirement of our city’s police officers, teachers, firefighters, and city workers is our top priority, and we believe that their financial future is linked to the sustainability of the planet," Stringer said. "Our announcement sends a message to the world that a brighter economy rests on being green.”

"Today, the biggest city says no more," de Blasio said. "[The oil companies] won't be rewarded anymore. It's time for them to start paying for the damage they've done. It's time for big oil to take responsibility for the devastation they have wrought. And that alone will take us forward in a powerful way, to know that we will use the full power of the court system to get justice."

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