Law360 (June 30, 2021, 3:51 PM EDT) — While there is a move toward investment treaty reform, tensions between states’ actions regarding climate policy and fossil fuel-based foreign direct investment, or FDI, are arising much more quickly than any proposed treaty alterations.
For example, the German utility, RWE AG, which operates the Amer and Eemshaven coal-fired power stations in the Netherlands, recently commenced a €1.4 billion arbitration under the Energy Charter Treaty before the International Centre for Settlement of Investment Disputes, on the grounds that the Netherlands failed to offer it adequate compensation for losses it sustained in converting its plants to burn biomass instead of coal, in order…
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