EXPLAINER-Obscure energy treaty threatens huge state losses over climate action
British oil and gas company Rockhopper has won more than £210 million ($245 million) in a lawsuit over Italy’s ban on offshore drilling, fuelling concern among climate experts about the impact of a controversial energy treaty used to bring the claim.
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The wave of announcements from several EU member states of their plans to withdraw from the Energy Charter Treaty reinforce that efforts to reform the controversial accord have been insufficient to support ambitious climate action.
Brussels pleads with countries to stay in the Energy Charter Treaty
These days, it is hard to find anyone arguing with a straight face that the Energy Charter Treaty (ECT) has been a good thing for the climate. It is variously described as a “relic”, a “dirty energy club” or a “climate roadblock” in the service of greedy companies. However, those same voices decrying it have now been put in the awkward position of having to defend it, and are begging countries like France, Spain, Poland, Italy and the Netherlands to reverse their withdrawal decisions.
New Agreement Marks First Step in Addressing Energy Charter Treaty Legacy
This is an important move to prevent legacy arbitration claims under the treaty, but more remains to be done.
IISD: EU’s historic Energy Charter Treaty vote will boost energy transition
The European Parliament has voted for the European Union to withdraw from the climate-threatening Energy Charter Treaty.