“Big pay­outs do more than drain pub­lic cof­fers; the mere threat of them dis­cour­ages gov­ern­ments from pur­su­ing more am­bi­tious cli­mate poli­cies, owing to fear that car­bon-de­pen­dent in­dus­tries could chal­lenge them in in­ter­na­tional tri­bunals”

Financial Mirror (Cyprus) - - FRONT PAGE -

en­act a “cli­mate veto” to CETA. Hu­lot said France would rat­ify the treaty only if it con­tained as­sur­ances that its cli­mate com­mit­ments could not be chal­lenged be­fore ar­bi­tra­tion tri­bunals. Fos­sil-fuel pro­jects could also be ex­empted from in­vest­ment pro­tec­tion in new en­vi­ron­men­tal treaties, such as the Global Pact for the En­vi­ron­ment pre­sented by French Pres­i­dent Em­manuel Macron to the UN Gen­eral As­sem­bly in Septem­ber.

Re­bal­anc­ing the global in­vest­ment regime is only the first step to­ward a zero-car­bon econ­omy. To shift cap­i­tal from fos­sil-fuel heavy ini­tia­tives to green en­ergy pro­jects, coun­tries will need new le­gal and pol­icy frame­works at the re­gional, na­tional, and in­ter­na­tional lev­els. These agree­ments should pro­mote and fa­cil­i­tate zero-car­bon in­vest­ments. Big meet­ings like the one get­ting un­der­way this week and the Paris Cli­mate Sum­mit next month can kick-start these con­ver­sa­tions.

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