France will join other European countries such as Spain and the Netherlands in which protected investments in the energy sector, said President Emmanuel Macron on Friday.
France's President Emmanuel Macron speaks during a news conference on the second day of the European Union leaders' summit held to discuss Ukraine, energy, economic issues and external relations in Brussels, Belgium, October 21, 2022. REUTERS/Piroschka van de Wouwpulling out of the Energy Charter Treaty"We have decided to pull out of the Energy Charter Treaty," said Macron at the end of a European Union summit in Brussels.
The treaty, which has more than 50 signatories including the European Union, was designed to secure energy supplies and grants protection to companies investing in the energy industry. However, in recent years it has been used by fossil fuel and renewable energy companies to sue governments for regulatory changes that threaten returns on specific investments.Reporting by Sophie Louet; Editing by Tangi Salaun and Sudip Kar-Gupta
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