Some EU lawmakers want to pull out of the Energy Charter Treaty, which allows investors to sue countries for phasing out fossil fuels. But the European Commission says the treaty can be reformed.
A statue of Vladimir Lenin, founder of the Soviet Union, stands in the center of Moshenskoye, Russia In 1991, as the Soviet sphere disintegrated, many questions were being asked about how to integrate the newly-independent countries with the Western world. One of the biggest concerns was over energy.
The mechanism protects investors against sudden regulatory changes that might cancel the energy projects they’ve invested in. The costs have been high. Governments have been ordered or agreed to pay more than $51.2 billion in damages as a result of ECT claims - all paid for by taxpayers. Pending ECT claims have a collective value at the moment of $35 billion.
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