The ICSID has lifted the suspension on the execution of the €290 million award NextEra obtained a year ago.
Joining the Energy Charter Treaty could cost developing countries money that is urgently needed to fight Covid-19 and a loaming economic crisis. The Energy Charter Treaty has become increasingly controversial.
Most countries have implicitly created a carbon subsidy in trade policy. Using trade policy negotiations to decrease this environmental bias of trade policy could help address climate change.
On the basis of the Energy Charter Treaty, companies are suing countries for damages when the latter decide to phase out or limit the use of fossil fuels.
Wealthy corporations may use trade courts to keep public health measures from cutting into their profits.
Cyprus-based offshore EP Wind Project (Rom) Six Ltd claims that Romania has breached the Energy Charter Treaty.
Uniper is using a controversial investor dispute system to claim up to €1 billion compensation for being forced to close a coal power station early.
The Phase One trade deal had China committing to $30 billion in energy purchases. But US energy exports to China actually shrank by 33% in Q1.
On February 18, The Hague Court of Appeal reinstated an order of the Permanent Court of Arbitration, which obliged Russia to pay more than $50 bln to the companies associated with former Yukos shareholders in 2014.
The measures would face legal challenges under Mexico’s commitments not just under the outgoing NAFTA but also its successor, the United States-Mexico-Canada Agreement, an industry source said.
The Energy Charter Treaty takes an axe to climate action.
A global tragedy at a high cost for taxpayers.
An updated European Commission proposal to reform the Energy Charter Treaty is falling short of what’s needed to reinstate governments’ “right to regulate” in areas like climate change, activists say.
In the meantime, Naturgy said it would go back to pursuing a legal claim to $2 billion in compensation its joint venture with ENI was awarded in the case by the World Bank’s ICSID in 2018.
Joining the Energy Charter Treaty could cost developing countries money that is urgently needed to fight the COVID-19 pandemic and economic crisis.
Many countries, particularly in the global south, are in the process of joining the Energy Charter Treaty despite the sweeping powers it grants to foreign investors.
The European Union is Malaysia’s third-largest trading partner and is its largest source of foreign direct investment, and Malaysia is a major exporter of raw materials to the European Union. But politics over palm oil threaten their relationship.
While policies aiming to phase out coal are necessary to tackle climate change, they may give rise to legal claims from companies whose investments are adversely affected by the low-carbon energy transition.
Civil society activists and scientific experts denounce the unsustainable practice of investment disputes under the Energy Charter Treaty.
Naturgy has agreed with Eni and Egypt to end their dispute over Unión Fenosa (UFG), in which the Spanish and Italian firms own 50% each.