Top Posts
Report: Ukraine built more onshore wind turbines in...
More than 1,500 arrested at Extinction Rebellion protest...
Study shows 30 water treatment works released 11bn...
Study: Over 70% of California beaches could disappear...
Sale of new home policies halts in California...
Study shows one in three GB News presenters...
Reps task FG on implementation of carbon credit
Tories accuse Sunak of breaking pledge after animal...
In ruling siding with Idaho couple, US court...
Research shows Chevron’s carbon offsets may harm
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

EU, UK to end investment protection for fossil fuels

by admineconai June 25, 2022
written by admineconai June 25, 2022
208

The EU and the UK have won the right to end investment protection for fossil fuels under the Energy Charter Treaty (ECT) after two years of negotiations.

The EU and UK are expected to end protection for new fossil fuel investments from August 2023, under a “flexibility mechanism” approved by members of the energy investment treaty.

However, most existing fossil fuel investments will continue to be protected for 10 years from the date the modernised treaty is officially ratified. With members spanning Europe and Asia, the ECT has been used by fossil fuel companies to sue governments over climate policies which hurt their profits.

Read also: Study: Climate change influences likelihood of armed conflict

A study conducted in 2021 found that ECT member countries faced up to €1.3 trillion ($1.4trn) by 2050 of compensation claims by fossil fuel investors. The EU had initiated “modernisation” talks to try and end these lawsuits but its attempts to remove fossil fuels from the treaty’s protection clause were thwarted by some Asian nations led by Japan.

At an ad-hoc conference which was disrupted by protesters yesterday, members of the treaty reached a compromise which gives them some flexibility to choose what energy investment they want to continue to protect.

Story was adapted from Climate Home News.

Fossil fuelsInvestmentNegotiationUK
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Study: Climate change influences likelihood of armed conflict
next post
UK praises Tanzania for championing climate change fight

Related Posts

Report: Ukraine built more onshore wind turbines in...

May 29, 2023

More than 1,500 arrested at Extinction Rebellion protest...

May 28, 2023

Study shows 30 water treatment works released 11bn...

May 28, 2023

Study: Over 70% of California beaches could disappear...

May 27, 2023

Sale of new home policies halts in California...

May 27, 2023

Study shows one in three GB News presenters...

May 27, 2023

Tories accuse Sunak of breaking pledge after animal...

May 26, 2023

In ruling siding with Idaho couple, US court...

May 26, 2023

Research shows Chevron’s carbon offsets may harm

May 26, 2023

Greenpeace warns recycled plastic can be more toxic...

May 24, 2023

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Social Connect

Facebook Twitter Instagram Pinterest Youtube Snapchat Vimeo

Recent Posts

  • Reps task FG on implementation of carbon credit

    May 26, 2023
  • NESREA, UNEP recycle 300 tonnes of electronic waste

    May 18, 2023
  • Climate change council, NSIA sign MoU on emissions regulations

    May 17, 2023
  • NiMET warns Northern residents to prepare for thunderstorms

    May 12, 2023
  • WMO: Nigeria, others lost $173.2 billion to climate change-related disasters

    May 3, 2023

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World