UK quits treaty that lets oil firms sue government

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North Sea oil rigs in Cromarty Firth, Scotland. Credit: joiseyshowaa (CC BY-SA 2.0)
North Sea oil rigs in Cromarty Firth, Scotland. Credit: joiseyshowaa (CC BY-SA 2.0)

https://www.bbc.co.uk/news/science-environment-68369916

The UK has withdrawn from an international treaty that lets fossil-fuel companies sue governments pursuing climate policies for billions in compensation for lost profits.

The Energy Charter Treaty (ECT) is meant to make it easier and cheaper to trade energy between countries.

But signatories have struggled to reform it – and late on Wednesday, the UK quit the treaty calling it “outdated”.

Green campaigners welcomed the news.

Energy Security and Net Zero Minister Graham Stuart said: “Remaining a member would not support our transition to cleaner, cheaper energy and could even penalise us for our world-leading efforts to deliver net zero.”

https://www.bbc.co.uk/news/science-environment-68369916

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