Energy Charter Treaty allows oil and gas companies to sue states

The international agreement Energy Charter Treaty (ECT) key features is that it allows companies and foreign investors to sue states under a system of international arbitration. One of the sectors that can sue is oil and gas. Investigate Europe, have been investigating the workings of the ECT, and the body that oversees it, the Energy Charter Secretariat. And what they found is shocking. Although the treaty was originally signed in the 1990s to offer protection for Western companies investing in risky energy projects in former Soviet states, it is now being used by European companies to sue European states. As Investigate Europe outlines: “Despite being a little-known agreement, the ECT has the potential to determine whether the EU and its Member States will succeed in achieving their ambitious climate targets.” Read more: http://priceofoil.org/2021/02/23/secretive-treaty-allows-big-oil-to-sue-for-hundreds-of-billions-to-stop-fossil-fuel-phase-out/

Do you agree?

133 more agrees trigger social media ads

Kevin Njeru
•
164 w
I support your warning
We Don't Have Time
•
•
•
166 w
Dear Ingmar Rentzhog Thank you for getting your climate warning to level 2! We have reached out to Int' Energy Charter and asked for a response. I will keep you updated on any progress! /Adam We Don't Have Time
Jehannes Ros
•
166 w
Conflicted feeling, yes it can be obstructive. But I wish German companies would use to its full power to prevent the closure of existing nuclear. It is a distraction of large non-emmiting sources. Also in Sweden 2 reactors and 1 in France. And Belgium also where they want to close all nuclear and replace with natural gas. 😠 On the other hand it delays Germans coal exit and others decisions in many countries. They can still go to a regular court and seek justice there.
1
- Ingmar Rentzhog
  •
  •
  •
  166 w
  If we are going to have an international energy treaty, I think climate must be in focus! Not short-term profit!
  1
- Jehannes Ros
  •
  166 w
  @Rentzhog yes, but is intended for longterm investment protection, with bad feedback indeed since it's activation in the 90s. Overall i think we should stop with it.
  3
Bruce Mann
•
166 w
Who’d have thought that the momentum gained in the fight to save the planet could be halted by bureaucracy !!.....I am being facetious of course. This is all we need! The earth in desperate need of support being held to ransom by spoilt brats who no longer get their way in the fossil fuel sandpit.
1
James Caldwell
•
166 w
Survival of our planet’s healthy future cannot be sacrificed for the temporary wealth of obsolete fossil energy. They must learn to profit by benefitting their customers in the long term.
2