Companies can sue governments for closing oilfields and mines – and the risk of huge damages is already stopping countries from passing green laws, ministers say
Edit: I just found a totally relevant article and thought of adding it here, instead of making a new post.
how Wall Street is making millions betting against green laws
Now, however, the sector has found a far larger playground: financing massive arbitration lawsuits launched by companies against governments, where claims can stretch to tens of billions of dollars.
These cases come under a little-known area of international law called investor-state dispute settlement (ISDS), which allows corporations to sue countries for actions that hurt their profits.
With litigation funders facing no risk of a counterclaim, and potential awards that now average more than $200m (£160m), legal experts warn that the system has become a “gambler’s nirvana” for hedge funds and specialist financiers.
Nooo we can’t close the oil fields, the oil oligarchs will get mad!!!
Fuck off and grow a backbone. Develop policy where the companies can’t sue the government and the government can cancel the deal or alter regulations as needed. If oil is truly that profitable, its worth the risk.
In my province, the premier was able to prevent any lawsuit coming their way from injured cyclists after banning and removing bike lanes. Why do we let rich corporations walk all over us while only showing a backbone to our own populations? Allowing this to continue sets a dangerous precedent that laws and regulations only apply to those who can’t afford to sue against them.
The simple solution is to either rewrite or leave those treaties. In fact that is already happening.
Fuck off and grow a backbone. Develop policy where the companies can’t sue the government and the government can cancel the deal or alter regulations as needed.
The thing that bugs me is that politicians thread the needle all the freaking time. They’re skilled at moving policy towards a goal (usually for ill), so the idea that “they’re just hamstrung and can’t even look at oil companies funny” is simply ridiculous.
Then change the fucking laws. You run the damn country, do your damn job.
“You control the buttons you press”
Ok lets see here, one one hand lots of lawsuits…ok yeah that’s bad. On the other side… everyone dies oh geez ok lawsuits it is then.
…no wait I missed this small print… everyone dies, but maybe not for a while. Oh right, let’s go with that then!
Thanks. I wasn’t aware of the specific mechanism in our trade agreements. No government should be compromising their right to make public policy.
