Financial Mirror (Cyprus)

“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”

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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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