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Fossil Fuel Firms Sue Governments Across the World for £13bn as Climate Policies Threaten Profits
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Fossil fuel firms sue governments across the world for £13bn as climate policies threaten profits [sky.com]:
Countries 'not on track' to meet Paris climate pledges, says report [sky.com]
"These cases are only becoming more common as governments commit to climate action. World leaders may finally be waking up to the threat of the climate and ecological crisis, but fossil fuel companies are holding them to ransom, demanding ever-greater pay-outs through corporate courts.
"When world leaders gather in Glasgow, they'll make lofty promises on climate action, but it will all be for nought if fossil fuel companies can sue governments into a state of climate paralysis. It could make a mockery of pledges at COP26."
Global Justice Now campaigners say that the UK is a hub for the international arbitration system and that all, but two of the top 30 law firms, involved in the lucrative industry have offices in London.
Protestors are planning to gather outside these law and energy firms on Friday.
A spokesperson for Rockhopper told Sky News: "The Energy Charter Treaty is designed to provide a stable platform for energy sector investments. The Italian government issued licences and encouraged significant investment in oil and gas exploration, based on this platform.
"Clearly it is not equitable to change the rules halfway through. It is also important to note that those rule changes made by the Italian government were not related to climate change and that Italy continues to produce significant quantities of oil and gas within 12 miles of the coast."
A spokesperson for German company RWE said: "RWE is not suing the Dutch government for deciding to phase out coal. We expressly support the energy transition in the Netherlands and associated measures to reduce carbon emissions.
"[But] the Dutch law does not provide for the resulting disruption to the property of affected companies. We do not consider this right."
"RWE has therefore filed a request for arbitration against the Netherlands at the International Centre for Settlement of Investment Disputes [ICSID] in Washington under the Energy Charter Treaty."
Subscribe to ClimateCast on Spotify [spotify.com], Apple Podcasts [apple.com], or Spreaker [spreaker.com].
A spokesperson for Ascent Resources told Sky News: "Slovenia's Ministry of Health, Ministry of Infrastructure, the Institute of the Republic of Slovenia for Nature Conservation, the Forestry Institute of the Republic of Slovenia, the Chemical Office of the Republic of Slovenia and the Conservation Institute of the Republic of Slovenia all concluded that an Environmental Impact Assessment (EIA) was not required.
"The ARSO [Slovenian Environment Agency] decision was therefore not based on the recommendations of Slovenia's own experts and, furthermore, it contradicted the opinions they gave.
"It is therefore manifestly arbitrary and unreasonable."
A spokesperson for Uniper said: "The Dutch government has announced its intention to shut down the last coal-fired power plants by 2030 without compensation.
Six everyday things you can do to help stop global warming [sky.com]
"Uniper is convinced that shutting down our power plant in Maasvlakte after only 15 years of operation would be unlawful without adequate compensation.
"International law provides a different standard of investment protection open to investors from other countries in international courts. The international tribunal is appointed by both parties, i.e. the Dutch state and Uniper.
"We are convinced that such an international tribunal will also form an objective opinion."
TC Energy said that it was unable to comment further on a legal matter.
