Business

SacramentoExxonMobil has filed a federal lawsuit against California, challenging two 2023 laws mandating climate-related disclosures as unconstitutional infringements on free speech. The suit, lodged Friday in U.S. District Court for the Eastern District of California, seeks to block Senate Bills 253 and 261 from taking effect in 2026. SB 253 requires companies with over $1 billion in revenue to report global Scope 1, 2, and 3 emissions annually, while SB 261 demands disclosure of climate financial risks and mitigation strategies for firms earning more than $500 million. Exxon argues the laws force it to endorse a ‘misguided’ narrative blaming large corporations for climate change, conflicting with federal securities regulations. The Texas-based oil giant, operating in over 60 countries with minimal California presence, claims the requirements punish size over efficiency and aim to incite public backlash. California officials defend the laws as essential for transparency, noting they’ve withstood prior court scrutiny. The case underscores escalating tensions between fossil fuel giants and aggressive state environmental policies.

ISLAMABADPakistan and Sri Lanka have agreed to explore joint cooperation in marine tourism, recognizing the immense potential of their vast coastlines and rich marine biodiversity to boost sustainable economic growth and regional connectivity. Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry proposed enhanced marine tourism collaboration during a meeting with Sri Lankan Minister for Transport, Highways and Urban Development Bimal Niroshan Rathnayake, who called on him in Islamabad. Junaid Chaudhry highlighted that marine industries, including fisheries and tourism, play a crucial role in supporting livelihoods, especially in developing countries. “The economic living of nearly 3.0 billion people depends on the ocean economy, most of whom reside in developing regions,” he said. Citing recent global studies, he noted that coastal and marine tourism generates about 6.5 million jobs worldwide, with the ocean economy projected to grow by 3.5 percent annually. “By 2030, marine and coastal tourism will become the largest value-added component of the marine economy, accounting for up to 26 percent of total production,” he added. Pakistan, which has a 1000-kilometer coastline, is focusing on developing its coastal and marine tourism sectors by promoting harbour cruises, recreational fishing, yachting, and maritime heritage tourism particularly around Gwadar and Karachi to diversify its blue economy.