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Fossil fuel firms forcing countries to compensate them, Mary Robinson says

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By illuminem briefings

· 2 min read

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

🗞️ Driving the news: Former UN officials, including Mary Robinson and Ban Ki-moon, have criticized fossil fuel companies for using investment treaties to extract billions in compensation from governments as they transition to greener energy sources
• These treaties reportedly hamper global efforts to combat climate change by financially penalizing nations that reduce their reliance on fossil fuels

🔭 The context: Mary Robinson highlighted the extensive impact of fossil fuel lobbying, which has not only influenced climate negotiations but also weakened international agreements on issues like plastic waste
• This lobbying is becoming a significant barrier to necessary reforms in environmental policy and global cooperation on climate change

🌍 Why it matters for the planet: The actions of these companies and the constraints imposed by such treaties pose a direct threat to global environmental sustainability and the fight against climate change
• They undermine efforts to phase out fossil fuels and shift towards renewable energy, which are crucial for reducing greenhouse gas emissions

⏭️ What's next: There is a growing call for greater transparency in lobbying activities at UN and government levels
• The debate around these treaties and lobbying practices is likely to intensify as more countries experience the impacts of climate change and as global climate negotiations continue

💬 One quote: "I was outraged," said Mary Robinson, regarding the billions paid in compensation to fossil fuel companies, describing it as a form of "hidden subsidy" that hinders progress on climate action

📈 One stat: Governments are required to pay up to $62 billion in compensation to fossil fuel companies over five years for losses incurred from climate policies

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