Experts have urged the UK to withdraw from the contentious Energy Charter Treaty (ECT), a covert judicial system that allows fossil fuel companies to sue governments for enormous sums of money over measures that might have an impact on their future financial success.
The European Commission had earlier declared that continuing to be part of the treaty would impair efforts to reduce global warming emissions and that an EU exit was “inevitable.”
At least seven EU nations, including France, Germany, Spain and the Netherlands, have already declared their intention to stop participating in the ECT.
In a letter to the UK government, more than 100 academics warned that continued membership of the ECT would impair their prospects of limiting global warming to 1.5C because it would prolong the UK’s dependency on fossil fuels and obstruct the transition to renewable energy.
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Grant Shapps, the secretary of state for the new Department for Energy Security and Net Zero, received the letter from the academics.
According to the academics, “Investors have already brought cases against countries for phasing out coal-fired power stations, banning the exploitation of oil and gas near their coastline, and requiring environmental impact assessments.”
“There is also evidence that countries are shying away from introducing new legislation for fear of being challenged in claims under the ECT. We urge you to take this opportunity to announce that the UK will withdraw,” the group added.
Story was adapted from The Guardian.
