'It is literally insane that the global fossil fuel phase-out is being actively sabotaged by antiquated treaties and corporate greed.'
"It is literally insane that the global fossil fuel phase-out is being actively sabotaged by antiquated treaties and corporate greed," said one critic.
The Energy Charter Treaty was signed by more than 50 countries with the intention of protecting energy investments by individuals and foreign companies in former Soviet states.$50 billion under the treaty after it was found that Russian President Vladimir Putin had seized their assets, more than two-thirds of cases using the treaty have involved companies suing European Union governments.
The trend, and cases like those currently being argued by the German and British fossil fuel companies, has made the ECT"a major blocker to the shift from fossil fuels," tweeted Climate Action Network Europe. "It is literally insane that the global fossil fuel phase-out is being actively sabotaged by antiquated treaties and corporate greed," Romain Ioualalen, global policy campaign manager for Oil Change International,The companies are seeking more than $4 billion.
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