"Signatories to the Treaty, which lets fossil fuel firms sue when climate policies hit profits, agree to modernise terms"
"Global accord lets oil firms sue over green policies. Pact signatories agree to reforms. Eleven European countries have quit treaty."
"LONDON - Signatories to the Energy Charter Treaty, an agreement that allows fossil fuel companies to sue governments over climate policies, have adopted changes meant to address concerns that the pact undermines efforts to fight climate change.
The 1998 Energy Charter Treaty (ECT) has allowed firms and investors to sue governments on the grounds that their profits could be hurt by policies aimed at cutting planet-heating emissions from burning fossil fuels.
Critics of the ECT say the threat of legal action could deter governments from enacting clean energy policies that are vital to achieving international climate goals.
The amendments were adopted at December's meeting of the Energy Charter Conference and mark the culmination of four years of talks aimed at aligning the pact with the climate goals of the Paris Agreement to limit global warming."
Beatrice Tridimas reports for Thomson Reuters Foundation December 4, 2024.
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