Fossil Fuel Giants Seek Billions From European Countries Under Secretive Treaty
Fossil fuel companies in Europe are using an international treaty signed nearly three decades ago to challenge several governments' ability to take climate action—exemplifying why, critics said Monday, the 1994 Energy Charter Treaty is a major impediment to transitioning away from planet-heating fossil fuels and toward renewable energy.
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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.
EU states 'revolt' against controversial energy treaty
Energy companies have been suing European governments for billions of euros to protect their fossil fuel investments in recent years via an obscure treaty adjudicated in secret arbitration courts. But that could be about to change.