US court issued its ruling in favor of the plaintiffs in Stati et al. v. Rep. of Kazakhstan, a long-running litigation concerning the Stati Parties’ efforts to enforce a $520 million arbitral award under the Energy Charter Treaty.
The tribunal found that Novenergia’s investments were achieving a reasonable rate of return. However, the tribunal held that it was sufficient for the claim to succeed that Novenergia could show “quantifiable prejudice” compared with its position when it initially made its investment.
With the global financial crisis, solar power incentives schemes became unbearably costly and Spain repealed those incentives. Consequently, many investors brought arbitration claims under the Energy Charter Treaty.
El acuerdo de inversión, conocido como Tratado sobre la Carta de la Energía, somete la soberanía de los Estados a los intereses económicos de las grandes corporaciones e impide ir hacia la transición energética.
Negotiators representing 16 countries have been tasked with arriving at an agreement on the controversial Regional Comprehensive Economic Partnership by October 19 but trade unions say the deal has grave consequences.
Organisations representing millions of Australians wrote to Labor MPs last week asking them to implement their policies against harmful proposals including special rights for foreign investors to sue governments for millions over domestic laws.