'This neoliberal investor-state system is a threat to the future of democracy and the future of our planet. It must end.'
In advance of the global climate negotiations taking place in Egypt, several countries announced important actions to curb the power of the fossil fuel industry.
Poland, Italy, France, the Netherlands, and Spain have now announced they will withdraw from one of these anti-democratic agreements: the Energy Charter Treaty, a 1991 pact signed by about 50 countries. The ECT offers, undermining governments’ abilities to address climate change. With climate negotiators meeting in Egypt, more than 350 organizations in more than 60 countries have issued acalling on governments to get rid of the investor-state dispute settlement system altogether.
The statement notes that a significant number of governments have already rejected the ISDS system. “Countries such as South Africa, India, New Zealand, Bolivia, Tanzania, Canada, and the US have all taken steps toward getting rid of ISDS." But will the recent withdrawal of some European countries from the Energy Charter be a turning point? These actions clearly demonstrate how the European Union’s strategy as the main promoter of that treaty has backfired, leading to its own member countries being sued for billions of dollars over CO2 emission control policies.documents how Spain stands at the top of the list of countries facing the most suits, with 50 claims .
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