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EU Parliament approves plan to quit energy charter treaty

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By illuminem briefings

· 1 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: The European Parliament has approved a measure for the European Union to withdraw from the Energy Charter Treaty, citing its interference with climate change initiatives and the transition to renewable energy sources

🔭 The context: Established in 1998, the Energy Charter Treaty allows energy companies to sue governments over policy changes that harm their investments
• It has been increasingly used by companies to challenge the phasing out of fossil fuel facilities

🌍 Why it matters for the planet: Exiting the treaty is viewed as crucial for the EU to pursue more aggressive climate policies without the threat of legal backlash from energy companies, which could impede progress towards achieving global climate goals.

⏭️ What's next: The approval by the European Parliament paves the way for EU member states to formally decide to leave the treaty in May 
• The EU aims to coordinate a joint exit to strengthen its position on climate change mitigation.

💬 One quote: "This absurd treaty has slowed down climate protection and cost citizens billions in taxpayers' money," said Green EU lawmaker Anna Cavazzini.

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