UK quits Energy Charter Treaty (ECT)

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The Energy Charter Treaty:

The Energy Charter Treaty provides a multilateral framework for energy cooperation that is unique under international law. It is designed to promote energy security through the operation of more open and competitive energy markets, while respecting the principles of sustainable development and sovereignty over energy resources.

The Energy Charter Treaty was signed in December 1994 and entered into legal force in April 1998. Currently there are fifty-three Signatories and Contracting Parties to the Treaty. This includes both the European Union and Euratom. 

The Treaty's provisions focus on four broad areas:

  • the protection of foreign investments, based on the extension of national treatment, or most-favoured nation treatment (whichever is more favourable) and protection against key non-commercial risks;
  • non-discriminatory conditions for trade in energy materials, products and energy-related equipment based on WTO rules, and provisions to ensure reliable cross-border energy transit flows through pipelines, grids and other means of transportation;
  • the resolution of disputes between participating states, and - in the case of investments - between investors and host states;
  • the promotion of energy efficiency, and attempts to minimise the environmental impact of energy production and use.

Treaty allows fossil-fuel companies sue governments for billions in compensation for lost profits. Treaty is heavily criticised as obstacle to the governments to pursue clean energy policies.

BBC, Wikipedia, The Energy Charter Treaty

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