The head of the Energy Charter Treaty (ECT), Guy Lentz has warned the European Union (EU) that if the Union departs the treaty without approving ecological reforms, protections for fossil fuels will be locked in.
The ECT, an energy investment treaty which permits fossil fuel companies to sue governments over climate action, has been the subject of a mass withdrawal proposal from the European Commission on environmental grounds.
Lentz, the leader of the treaty, however, argued in a furious letter to Roberta Metsola, the president of the European Parliament, on Monday that abandoning the treaty without changing it would give fossil fuel industries more influence.
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According to him, if the EU leaves the agreement before it is modernized, investment safeguards for fossil fuels in Europe and worldwide will be prolonged.
The 1998 Energy Charter Treaty, which has about 50 signatories, including nations in the European Union, was created to protect energy firms by granting them the right to sue governments over policies that have an impact on their investments.
But the European Commission, earlier this month, informed member nations that a united EU withdrawal from the contentious international energy deal is inevitable, with some of them already signalling their intent to do so due to environmental concerns.
According to the Commission, continuing to be part of the treaty would “clearly undermine” the EU’s climate targets.
Story was adapted from Climate Home News
