ESG & Investing
Fossil Fuel Companies Reap Billions From Arcane Dispute Clause
- Legal provision protects assets emitting 1.6 gigatons of CO2
- Claims have ‘chilling effect’ on climate action: think tank
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Fossil fuel companies have claimed billions of dollars from countries through an arcane legal provision that could deter governments from imposing more stringent climate laws, according to a new report.
The investor-state dispute settlement clauses allow foreign investors to resolve conflicts through international arbitration rather than local courts.