With the global financial crisis, solar power incentives schemes became unbearably costly and Spain repealed those incentives.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.
Profit is king. People are the pawns, and the Government will seem to be in favour of supra-national conglomerates if it signs this “new” TPP inclusive of the ISDS.
Despite the fact that the ECT was initiated and designed by the EU, there are compelling grounds to doubt the compatibility of the ECT’s arbitration clause with the principles underpinning the EU’s judicial system.
In a second international ruling against retroactive cuts in renewables support introduced by the Spanish government in 2013, a Swedish arbitration panel has awarded a Luxembourg-based investment firm €53 million compensation.
The proposed policy follows the escape of over 200,000 Atlantic salmon from the company’s fish farms, sparking outcry from Indigenous groups, environmentalists, and fishing communities.
Telefonica has filed an arbitration complaint with the World Bank’s ICSID against the Colombian arbitration fine for breaching a government contract for mobile services.
Ongoing negotiations to modernize NAFTA must advance our role as a global energy leader by retaining US access to Mexico’s newly-opened oil and natural gas market and providing strong protections, including Investor-State Dispute Settlement.