[Cross-Post] UK quits treaty that lets fossil fuel firms sue governments over climate policies (www.theguardian.com)

submitted 7 months ago* (last edited 7 months ago) by Jho@feddit.uk to c/goodnews@feddit.uk

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My TL;DR:

The UK is pulling out of a treaty that lets fossil fuel firms sue governments over their climate policies.

The treaty allowed fossil fuel investors to sue states for lost profit expectations in an opaque corporate arbitration system set up to protect fossil fuel investors.

Graham Stuart, the energy security and net zero minister, said: “The energy charter treaty is outdated and in urgent need of reform, but talks have stalled and sensible renewal looks increasingly unlikely. Remaining a member would not support our transition to cleaner, cheaper energy, and could even penalise us for our world-leading efforts to deliver net zero.”

Treaty protections for new energy investments will cease in one year’s time when the withdrawal takes effect, the government statement said.

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this post was submitted on 22 Feb 2024

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