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170.000 supporters in one day: New petition calls for withdrawal from the Energy Charter Treaty
A new international research by the journalist network Investigate Europe shows the enormous danger the Energy Charter Treaty (ECT) poses for climate protection and the urgently needed energy transition: With this treaty, energy companies can punish states for climate-friendly laws via parallel justice (investor-state dispute settlement, ISDS).
Contract secures fossil infrastructure worth around 350 billion euros
In the EU, Great Britain and Switzerland alone, fossil energy companies can sue for a reduction in the profit of their infrastructure worth 344,6 billion euros, according to the research. Three quarters of these are gas and oil fields (126 billion euros) and pipelines (148 billion euros). In Austria alone, pipelines worth 5,39 billion euros are covered by the ECT.
Lawsuits also possible based on expected future profits
But that's not all. Investors have the option to sue governments for expected future profits. The actual sum of possible compensation claims for withdrawing from the fossil fuel energy supply in Europe is therefore much higher. In addition, examples show that the threat of an ISDS lawsuit can lead to climate action being weakened.
170.000 signatures in one day for exiting the ECT
Civil society organizations yesterday started a Europe-wide campaign to withdraw from the ECT: "Save the energy transition - stop the Energy Charter." The signatories call on the EU Commission, the European Parliament and the EU governments to withdraw from the Energy Charter Treaty and extend it to others Stop countries. LINK: attac.at/climatekiller-ect
24 hours after the start, more than 170.000 people have already signed the petition. "The governments must now deprive the fossil fuel companies of the opportunity to block urgent climate protection measures with the help of the treaty," demands Iris Frey from Attac Austria.
Energy Charter Secretariat with close ties to the fossil fuel industry
The research also reveals that the senior staff of the Energy Charter Secretariat have close ties to the fossil fuel industry. In addition, the ISDS parallel justice system is based on a closed club of arbitrators who act in several roles and benefit enormously from the lawsuits. This system enables them to receive almost unlimited public fees.
Information from attac Austria
Photo / Video: Shutterstock.
