Energy companies have sued governments for profits they expect to have lost through decisions such as banning offshore oil exploration.Energy companies have sued governments for profits they expect to have lost through decisions such as banning offshore oil exploration.European lawmakers have voted to escape a treaty that lets investors sue governments in private courts for pursuing policies that stop the planet from heating.
Anna Cavazzini, a German MEP from the Green group who was in charge of the proposal, said the “absurd” treaty had slowed down climate protection and cost billions in taxpayers’ money. “With its vote for the EU to leave the ECT, the European parliament underlines that granting fossil fuel companies privileged access to ISDS is fundamentally incompatible with climate mitigation.”