Companies can sue governments for closing oilfields and mines – and the risk of huge damages is already stopping countries from passing green laws, ministers say

Companies can sue governments for closing oilfields and mines – and the risk of huge damages is already stopping countries from passing green laws, ministers say

Edit: I just found a totally relevant article and thought of adding it here, instead of making a new post.

how Wall Street is making millions betting against green laws

Now, however, the sector has found a far larger playground: financing massive arbitration lawsuits launched by companies against governments, where claims can stretch to tens of billions of dollars.

These cases come under a little-known area of international law called investor-state dispute settlement (ISDS), which allows corporations to sue countries for actions that hurt their profits.

With litigation funders facing no risk of a counterclaim, and potential awards that now average more than $200m (£160m), legal experts warn that the system has become a “gambler’s nirvana” for hedge funds and specialist financiers.

  • Telorand@reddthat.com
    5·
    8 hours ago

    Fuck off and grow a backbone. Develop policy where the companies can’t sue the government and the government can cancel the deal or alter regulations as needed.

    The thing that bugs me is that politicians thread the needle all the freaking time. They’re skilled at moving policy towards a goal (usually for ill), so the idea that “they’re just hamstrung and can’t even look at oil companies funny” is simply ridiculous.