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https://theconversation.com/british-investors-could-sue-australia-over-climate-action-if-uk-joins-trans-pacific-trade-pact-190049>
"British oil and gas miner Rockhopper Explorations last month won £210 million
plus interest (about A$360 million) in compensation over Italy’s 2015 ban on
oil and gas drilling within its territorial seas.
It’s a portent of claims Australia may face from British companies invested in
Australia’s fossil-fuel industries if the United Kingdom gets its way and joins
the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
(CPTPP), to which Australia is a signatory.
Rockhopper had invested £33 million in plans to drill for oil off Italy’s east
coast in the Adriatic Sea. The compensation covers all profits it would have
made. Its claim was enabled by a so-called investor-state dispute settlement
(ISDS) clause in the Energy Charter Treaty signed by Italy and Britain in the
1990s.
All trade agreements have systems for settling disputes between governments.
Some also have ISDS clauses that give private foreign investors the right to
claim compensation for future lost profits due to changes in law or policy.
Since the late 1980s, British companies have lodged 90 claims against foreign
governments using ISDS provisions – the third-highest number after US and Dutch
companies.
This raises the question of what may happen if British mining and energy
companies gain ISDS provisions to seek compensation from the Australian
government over its climate policies."
Cheers,
*** Xanni ***
