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EU pushes for fossil fuel phase-out in ‘last chance’ energy charter treaty talks
(EurActiv, 18 Feb 2021) The European Union’s executive will push for a 10-year phase-out of fossil fuel protection under the energy charter treaty (ECT), following calls from some EU countries to quit the accord unless it can be aligned with Europe’s climate goals.
The European Commission submitted its updated proposal for reforming the treaty on Monday (15 February), ahead of negotiations between the 53 signatories in March.
It follows calls from France, Luxembourg, Spain and environmental groups who warned that the treaty undermines the EU’s climate goals by allowing foreign investors to sue over policies affecting investments into fossil fuels.
Reacting to the Commission’s proposal on Twitter, Luxembourg’s energy minister said the proposals are “ambitious” and “in line with the Paris Agreement” on climate change.
“March is our last chance for a deal,” he said.
Earlier this month, German coal giant RWE used the treaty to seek compensation from the Dutch government over its plans to phase out coal-fuelled power by 2030.
Taxpayers could pay up to €1.3 trillion in arbitrations like this, with just under half of that being shouldered by EU citizens, according to a recent study by the think tank, OpenExp.
EurActiv, 18 Feb 2021: EU pushes for fossil fuel phase-out in ‘last chance’ energy charter treaty talks
