FINALLY COMMON SENSE PREVAILING OVER PROFITS.

Britain has pulled out of an international investment treaty it said had posed a threat to its net zero ambitions. Alongside nine EU member states, including France, Spain and the Netherlands, the UK will withdraw from the Energy Charter Treaty. The agreement dates back to 1994 and was designed to protect fossil fuel investors and encourage the development of infrastructure in post-Soviet countries. It has been used by fossil fuel companies to challenge climate policies that threaten their projects. The minister of state for energy security and net zero, said the treaty was “outdated” and “in urgent need of reform”, but said “talks have stalled and sensible renewal looks increasingly unlikely”. “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,” he added. Efforts between the UK and the EU to reform the treaty so it could be used for investment in green energy have not come to fruition. The treaty could have led to legal claims of up to £11 billion from oil and gas companies over the UK’s net zero policies, according to a 2022 analysis from the Boston University Global Development Policy Center.