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Should The European Union Fix, Leave Or Kill The Energy Charter Treaty?, Martin Dietrich Brauch
Should The European Union Fix, Leave Or Kill The Energy Charter Treaty?, Martin Dietrich Brauch
Columbia Center on Sustainable Investment Staff Publications
In the early 1990s, the European Economic Community – the predecessor of the European Union (EU) – spearheaded an initiative to promote international cooperation in the energy sector, particularly with post-Soviet States in Eastern Europe and Central Asia. Out of this process the Energy Charter Treaty (ECT) was born in 1994. Going much beyond international cooperation, the treaty allows foreign investors in the energy sector to sue their host States in international arbitral tribunals and claim monetary compensation when policy measures and other State action affect their interests.
Fast-forward to 2021. With 135 known cases initiated to date, the ECT’s …