{"id":50769,"date":"2024-05-30T17:52:13","date_gmt":"2024-05-30T16:52:13","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=50769"},"modified":"2024-05-31T13:27:47","modified_gmt":"2024-05-31T12:27:47","slug":"despite-exit-eu-seeks-to-save-green-reforms-to-energy-investment-treaty","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2024\/05\/30\/despite-exit-eu-seeks-to-save-green-reforms-to-energy-investment-treaty\/","title":{"rendered":"Despite exit, EU seeks to save green reforms to energy investment treaty"},"content":{"rendered":"

Prospects have brightened for green reforms to a controversial international treaty that protects fossil fuel investments, as ministers of European Union states agreed on Thursday that countries can still choose to support the reforms despite the bloc’s decision to quit the pact.
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In a statement<\/a>, a gathering of EU ministers called the Council of the EU said the decision “unlocked the process of modernisation of the Energy Charter Treaty (ECT) for its non-EU contracting parties”.<\/p>\n

The compromise allows the EU as a body to withdraw from the treaty, while individual EU member states can stay in and approve the green reforms at a conference due to take place this year, if they wish.<\/p>\n

The ECT currently allows all energy companies – including coal, oil and gas firms – to sue governments over climate and other policies they see as a threat to their current and future profits.<\/p>\n

The proposed reforms to modernise the ECT, which are due to be voted on in November<\/a>, would make it easier for ECT countries to prevent the treaty being used as a basis for lawsuits involving fossil fuel assets that are affected by green economy measures.<\/p>\n

However, with several European countries already filing their notice to leave the ECT, it is unclear whether a sufficient number of EU states will stay in the treaty long enough to get the reforms approved. As part of today’s EU Council agreement, the EU confirmed it would leave the treaty.<\/p>\n

Other ECT member states, including Japan and Kazakhstan, only grudgingly agreed to back the reforms under pressure from the European Commission.<\/p>\n