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/
Int' Energy Charter
Climate warning
