EU to Quit Treaty That Allows Oil Firms to Sue Governments Over Climate Policies

European Union member states agreed on Thursday to jointly leave a 1990s energy treaty that allows oil companies to sue governments over their climate policies, EU officials told Reuters. The Energy Charter Treaty ECT, signed in 1994 and in force since 1998, was originally designed to promote international investment in the energy sector and has historically provided protections for investors in fossil fuels.

” European Commissioner for Energy, Kadri Simson, said at the time, “Keeping an unmodernised Energy Charter Treaty is not a viable option for the EU. The Treaty in its current form is not in line with the EU’s investment policy or our energy and climate goals.” The EU looks to reform the treaty before leaving it, a source at the Belgian rotating presidency of the bloc told Reuters on Thursday. Last month, the UK announced it would quit the “outdated” treaty, effective in one year.

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