* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, July 8, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Magicians and Battlebots light up Las Vegas entertainment scene – KSNV

    Magicians and Battlebots Take Las Vegas Entertainment by Storm

    Max-Matching Entertainments & Longhua District form partnership for new entertainment complex – Blooloop

    Max-Matching Entertainments and Longhua District Unite to Launch Thrilling New Entertainment Complex

    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    MAY HER SOUL REST IN PEACE 🙏 Veteran entertainment columnist and talent manager Lolit Solis has passed away. She was 78 years old. https://tinyurl.com/6kumarkx | LatestChika.com – Facebook

    Beloved Entertainment Icon Lolit Solis Passes Away at 78 – A Life Remembered with Love and Respect 🙏

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology And Construction Names Join Top Stock Lists: Check Out Additions To IBD 50, Big Cap 20 And More – Investor’s Business Daily

    Technology and Construction Leaders Surge Into Top Stock Rankings: See the Latest Additions to IBD 50, Big Cap 20, and More

    Column: Teach kupuna new technology skills – Honolulu Star-Advertiser

    Empowering Kupuna: Unlocking New Technology Skills for a Connected Future

    EIFO invests $5 million in D3, the Ukraine-focused defence technology venture fund – sUAS News

    EIFO Pledges $5 Million to Supercharge Ukraine-Focused Defense Technology Fund

    New Technology for Water Efficiency and Working with Mexico on Screwworm – AG INFORMATION NETWORK OF THE WEST

    Revolutionary Water Efficiency Technology and Cross-Border Collaboration to Defeat Screwworm

    Environmental cognitive distance, R&D capability distance, and supply chain green technology innovation – Nature

    Bridging Gaps: How Environmental and R&D Differences Drive Green Technology Innovation in Supply Chains

    LG Innotek CEO Moon Hyuksoo: “Our Next-gen Substrate Technology Will Change the Industry Paradigm” – TechPowerUp

    LG Innotek CEO Moon Hyuksoo: “Our Next-Gen Substrate Technology Will Revolutionize the Industry” Revolutionizing the Future: LG Innotek’s CEO Unveils Game-Changing Next-Gen Substrate Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Magicians and Battlebots light up Las Vegas entertainment scene – KSNV

    Magicians and Battlebots Take Las Vegas Entertainment by Storm

    Max-Matching Entertainments & Longhua District form partnership for new entertainment complex – Blooloop

    Max-Matching Entertainments and Longhua District Unite to Launch Thrilling New Entertainment Complex

    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    Kennedy Publishing, MGA Entertainment Launch Yummiland Magazine – License Global

    MAY HER SOUL REST IN PEACE 🙏 Veteran entertainment columnist and talent manager Lolit Solis has passed away. She was 78 years old. https://tinyurl.com/6kumarkx | LatestChika.com – Facebook

    Beloved Entertainment Icon Lolit Solis Passes Away at 78 – A Life Remembered with Love and Respect 🙏

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology And Construction Names Join Top Stock Lists: Check Out Additions To IBD 50, Big Cap 20 And More – Investor’s Business Daily

    Technology and Construction Leaders Surge Into Top Stock Rankings: See the Latest Additions to IBD 50, Big Cap 20, and More

    Column: Teach kupuna new technology skills – Honolulu Star-Advertiser

    Empowering Kupuna: Unlocking New Technology Skills for a Connected Future

    EIFO invests $5 million in D3, the Ukraine-focused defence technology venture fund – sUAS News

    EIFO Pledges $5 Million to Supercharge Ukraine-Focused Defense Technology Fund

    New Technology for Water Efficiency and Working with Mexico on Screwworm – AG INFORMATION NETWORK OF THE WEST

    Revolutionary Water Efficiency Technology and Cross-Border Collaboration to Defeat Screwworm

    Environmental cognitive distance, R&D capability distance, and supply chain green technology innovation – Nature

    Bridging Gaps: How Environmental and R&D Differences Drive Green Technology Innovation in Supply Chains

    LG Innotek CEO Moon Hyuksoo: “Our Next-gen Substrate Technology Will Change the Industry Paradigm” – TechPowerUp

    LG Innotek CEO Moon Hyuksoo: “Our Next-Gen Substrate Technology Will Revolutionize the Industry” Revolutionizing the Future: LG Innotek’s CEO Unveils Game-Changing Next-Gen Substrate Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home General

Oil drilling while in the Energy Charter Treaty is economically reckless

February 20, 2024
in General
Oil drilling while in the Energy Charter Treaty is economically reckless
Share on FacebookShare on Twitter

The UK is opening itself up to repeated lawsuits from foreign oil and gas firms if it passes the Offshore Petroleum Licensing Bill

The UK is considering a new law which would invite applications for new oil and gas production licenses in the North Sea every year.

This Offshore Petroleum Licensing Bill will not help with the UK’s energy security, reduce bills or serve anything but fossil fuel giants’ short-term profits. 

On top of this, if it passes into law, the UK faces the grave risk of economy-wrecking lawsuits.

This is because the UK is a member of the Energy Charter Treaty (ECT) – a multilateral investment pact which allows investors in energy to sue governments over policies that affect their investments in over 50 countries across Europe and Asia.

Investors weapon

The ECT is the most litigated investment agreement in the world. It contains Investor-State Dispute Settlement (ISDS) provisions which are used by fossil fuel companies to deter, delay or raise the cost of climate policies. 

ISDS enables them to sue governments for billion-dollar payouts over their climate policies, in secretive tribunals outside of national legal systems. 

Weak attempts at reforming the Energy Charter Treaty have failed numerous times over the years, and thus many European countries including Germany, France and the Netherlands have decided to exit over the risks to their climate action. 

Loss and damage must be a focus of IPCC’s next reports

The UK government launched a review of its membership last year and is overdue announcing its outcome. 

Recent research by CommonWealth found that at least 40% of the UK’s North Sea oil and gas licenses are owned by foreign investors, many headquartered in ECT member countries like France or Spain.

If the UK government fails to leave the ECT, foreign investment into North Sea oil and gas means not only a headlong sprint in the wrong energy policy direction, but invites a huge bill even if a future government changes course. 

The Labour Party, which is far ahead in the polls, says it will stop new oil production. An election will be held this year.

Coming clash

Carbon Tracker recently showed that North Sea oil and gas companies are financially planning for far slower energy transition scenarios than governments are working to. 

Switzerland proposes first UN expert group on solar geoengineering

As a result, they are setting up a clash between climate policies and their financial expectations, raising the risk of ISDS claims.

Producing the first oil and gas from a field can take more than 18 years. By then, the climate policy landscape will be vastly different.

The 1.5 C warming limit is likely to be passed within the next decade or two, so the imperative to reduce fossil fuel use will be even greater. 

The dearth of long-term thinking in Westminster means policymakers are ignoring the risk of leaving the fossil fuel industry with such a powerful weapon.

An investor using ISDS can claim not only for costs sunk by a government policy but for any future lost profit it expected to earn over a project’s lifetime.

These companies can decry far bigger losses than is reasonable given the fast-moving renewables revolution, and ISDS tribunals are rigged to back them up.

Problems mount for Sahara gas pipeline, leaving Nigerian taxpayers at risk

Facing an ECT claim, any reasonable argument the UK may have developed about the environmental, social – even economic – imperative to phase out fossil fuels will have to be left at the door: it signed up to the fossil fuel giants’ charter, failed to leave it when it had the chance, and breached it. 

So much for the polluter pays: the UK taxpayer will have to bail them out.

Failed reforms

There’s no reforming the deadly oil and gas bill, in or out of the ECT. But remaining a member of the treaty adds an incredulous new dimension of fiscal irresponsibility.

The European Commission is proposing a mass withdrawal to neutralise the Energy Charter Treaty’s sunset clause – which extends the right to ISDS claims for 20 years even after countries leave – among exiting parties. 

If the countries leaving together agree to cancel the sunset clause between themselves, then the benefits of exit are magnified.

Given how many ECT-covered investors in 1.5C-incompatible projects on British soil are European, the UK joining this coordinated withdrawal would eliminate 99% of the ISDS risk – leaving little logical argument to remain bedfellows with climate laggards in a collapsing treaty.

It’s time to rip up the get-out-of-jail-free card that dirty North Sea projects, fast becoming obsolete, have up their sleeve. 

At stake is a chill on policies to address the biggest crisis facing humanity, and an unjust transition that would be billed to the UK public. 

Cleodie Rickard is trade campaign manager at Global Justice Now.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ClimateHomeNews – https://www.climatechangenews.com/2024/02/20/oil-drilling-while-in-the-energy-charter-treaty-is-economically-reckless/

Previous Post

Countries draw battle lines for talks on new climate finance goal

Next Post

Davido To Donate 300 Million Naira To Orphanages Across Nigeria

Dino Might!: ‘Jurassic World Rebirth’ Bows To $318.3M Global In Biggest Studio Opening Year-To-Date WW; ‘F1’ Nears $300M’ & ‘Dragon’ Tops $500M – International Box Office – Deadline

Dino Might!: ‘Jurassic World Rebirth’ Bows To $318.3M Global In Biggest Studio Opening Year-To-Date WW; ‘F1’ Nears $300M’ & ‘Dragon’ Tops $500M – International Box Office – Deadline

July 8, 2025
As a Nation’s Economy Slows, Some Say It’s No Time for a Free Lunch – The New York Times

As a Nation’s Economy Slows, Some Say It’s No Time for a Free Lunch – The New York Times

July 8, 2025
Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

July 8, 2025
The 63 Best Amazon Prime Day Health & Fitness Deals, Up to 85% Off – health.com

The 63 Best Amazon Prime Day Health & Fitness Deals, Up to 85% Off – health.com

July 8, 2025
Scoop: Sean Patrick Maloney mulls political comeback against Mike Lawler – Axios

Sean Patrick Maloney Eyes Bold Political Comeback, Taking on Mike Lawler

July 8, 2025

Lake Land College to host grand opening celebration for Effingham Technology Center – wandtv.com

July 7, 2025
Louise Harrison – TBR News Media

Louise Harrison – TBR News Media

July 7, 2025
Cape Town’s sewage treatment isn’t coping: scientists are worried about what the city is telling the public – The Conversation

Cape Town’s Sewage Crisis: Scientists Raise Alarms Over What the City Isn’t Telling Residents

July 7, 2025
Titan Could Have An Alien Biosphere – But It Might Be Dog-Sized – ScienceAlert

Could Titan Harbor an Alien Biosphere Filled with Dog-Sized Creatures?

July 7, 2025
Retired woman shares inside look at lifestyle after moving into unconventional tiny home: ‘The best decision I’ve ever made’ – Yahoo

Retired woman shares inside look at lifestyle after moving into unconventional tiny home: ‘The best decision I’ve ever made’ – Yahoo

July 7, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (709)
  • Economy (735)
  • Entertainment (21,623)
  • General (15,768)
  • Health (9,773)
  • Lifestyle (740)
  • News (22,149)
  • People (734)
  • Politics (744)
  • Science (15,951)
  • Sports (21,233)
  • Technology (15,718)
  • World (716)

Recent News

Dino Might!: ‘Jurassic World Rebirth’ Bows To $318.3M Global In Biggest Studio Opening Year-To-Date WW; ‘F1’ Nears $300M’ & ‘Dragon’ Tops $500M – International Box Office – Deadline

Dino Might!: ‘Jurassic World Rebirth’ Bows To $318.3M Global In Biggest Studio Opening Year-To-Date WW; ‘F1’ Nears $300M’ & ‘Dragon’ Tops $500M – International Box Office – Deadline

July 8, 2025
As a Nation’s Economy Slows, Some Say It’s No Time for a Free Lunch – The New York Times

As a Nation’s Economy Slows, Some Say It’s No Time for a Free Lunch – The New York Times

July 8, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version