Fossil fuel companies are increasingly using trade agreements to attack climate initiatives. Together, we can stop them.
Wake Up Call: the $15 Billion Keystone XL Pipeline Case
In July 2021, the company TC Energy launched a $15 billion challenge under the North American Free Trade Agreement (NAFTA) against the United States for refusing to grant it permits for the Keystone XL Pipeline, a project designed to increase the flow of dirty tar sands oil from Canada thru the United States to markets throughout the world.
Growing Problem: Fossil Fuel Companies Launch More Trade Attacks on Public Policy than Any Other Sector
More than one in three of all new trade attacks over the past decade involve oil and gas extraction, mining or power plants. Among many examples:
• A U.S. company is using NAFTA to demand over $100 million from Canadian taxpayers because Quebec put a moratorium on fracking under the Saint Lawrence River.
• The company behind a coal-fired power plant that Germany had refused to grant operating permits used a trade challenge to force the government to grant the permits — so the power plant is now up and running.
• The oil giant Chevron used a trade tribunal to undermine an Ecuadoran court order that it pay $9.5 billion to clean up oil spills in the Amazon and provide health care for affected indigenous communities — and now the tribunal is determining how much the government will have to pay the company instead.
The Solution: Eliminate Trade attacks on Climate Policies Altogether
It’s time to put an end to so-called “Investor-State Dispute Settlement” (ISDS) that allows fossil fuel companies and other transnational corporations to challenge government policies in trade tribunals that circumvent domestic courts. We also need a “peace clause” at the World Trade Organization (WTO) under which countries agree not to attack each others’ climate policies.
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TC Energy is suing the U.S. for $15 billion under #NAFTA for cancelling the #KeystoneXL Pipeline. Learn how to stop fossil fuel companies’ trade attacks on #climate initiatives at: https://tradejusticeedfund.org/how-fossil-fuel-companies-are-using-trade-agreements-to-attack-climate-initiatives/