EU quits energy investment treaty citing climate concerns
Belgian European Union presidency said EU countries unanimously agreed to jointly quit an international energy treaty due to concerns that it protects fossil fuel investments and undermines efforts to fight climate change, Reuters reported.
The 1998 Energy Charter Treaty (ECT) permits energy companies to sue governments over policies that harm their investments. In recent years, some companies have utilized this treaty to initiate billion-dollar lawsuits against measures to close or restrict fossil fuel projects.
Read more: EU passes new law which mandates 40% domestic green tech production
“I’m very happy, and I will thank all of you around the table for working hard with the Belgian presidency team to break the stalemate on this file,” Belgian Energy Minister Tinne Van der Straeten said.
According to the bloc, the treaty was no longer in accordance with the Paris Agreement on Climate Change and EU ambitions regarding the energy transition.
Climate Action Network (CAN) Europe said, “This is a historic moment and a significant victory for climate justice campaigners across Europe.”
The Council of the EU stated in a release that member states that wish to remain contracting parties after the EU’s withdrawal will have the opportunity to vote during the upcoming Energy Charter Conference, expected to take place by the end of 2024, by either approving or not opposing the adoption of a modernized agreement.
Brussels proposed an EU exit from the treaty last year, following announcements from member states, including Denmark, France, Germany, Luxembourg, Poland, Spain, and the Netherlands, to withdraw individually, most citing climate change concerns.
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]