UK Quits Treaty Allowing Oil Firms to Sue Governments Over Climate Policy ...Middle East

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UK Quits Treaty Allowing Oil Firms to Sue Governments Over Climate Policy
source : OILPRICE ( Middle East ) () 83
The UK will leave the Energy Charter Treaty (ECT), a 1994 pact that allows oil and gas companies to sue governments over their climate policies for compensation for lost profits. The Energy Charter Treaty was originally designed to promote international investment in the energy sector and has historically provided protections for investors in fossil fuels. Efforts to modernize the treaty, which the UK considers “outdated” in view of its net-zero policies and ambitions, have failed, resulting in a stalemate, which prompted the UK government…

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