Having failed in their attempt to paint energy companies with the same brush as tobacco companies, environmental activists have switched tactics and are now accusing publicly traded oil and gas corporations of hiding the true costs of climate change to their businesses. The effort threatens to change the current focus of financial reporting—which is to provide salient information to investors—and instead serve the policy agenda of liberal activists.

They have enlisted New York attorney general Eric Schneiderman to lead the cause. Earlier this year, he announced that he is looking at whether Exxon Mobil ignores the true risk of global warming in evaluating its energy reserves. If global warming accelerates, Schneiderman’s logic goes, then Exxon would be stuck with fossil fuel reserves rendered worthless by future regulations or a concomitant reduced demand for oil.