Economy

France will leave the Energy Charter Treaty



After Italy, the Netherlands and Spain, it is France’s turn to leave the Energy Charter Treaty (ECT), as Emmanuel Macron announced at a conference in press, Friday 21 October. Criticized by many NGOs and environmental associations, this thirty-year-old international agreement was very protective of private investment in fossil fuels.

“France has decided to withdraw from the Energy Charter Treaty, which was an important point requested by many”, declared the Head of State on the sidelines of a European summit in Brussels. This treaty is supposed to apply for another twenty years after the withdrawal of a signatory country.

Withdrawal recommended by the High Council for the Climate

In an opinion issued on Wednesday, the High Council for the Climate (HCC), a French consultative body, considered that this text undermined the commitment of the signatory countries. “on a trajectory of decarbonization of their respective energy sectors by 2030 and up to the ambition of the Paris agreement”.

The Energy Charter Treaty was signed in 1994, at the end of the Cold War, to offer guarantees to investors in the countries of Eastern Europe and the former USSR. Bringing together the EU and around fifty countries, it allows companies to claim, before a private arbitration tribunal, compensation from a State whose decisions affect the profitability of their investments, even when it comes to political climate friendly.

On Twitter, Bruno Le Maire was delighted with a decision “fair and strong” for a treaty that was not compatible with the objectives of the Paris Agreement”, while LFI MEP Manon Aubry hailed a huge victory for the planet against fossil companies ».





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