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9/16, 6:09 PM (Source: TeleTrader)
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Fossil fuel firms sue govts over climate policies

Fossil fuel companies are collectively suing governments across the world for over $18 billion after actions taken to combat climate change jeopardized their profits, as reported by Sky News on Thursday.

The five largest lawsuits are being brought by TC Energy, RWE, Uniper, Rockhopper and Ascent Resources, using a procedure conducted through corporate arbitration courts operating outside of the countries' domestic legal systems. This way, commercial entities can sue governments under international laws that govern trade agreements and treaties.

The $18 billion the companies are suing for accounts for almost a quarter of the entire climate funding provided by developed nations. One of the disputes is for $325 million, against the Italian government for its ban on offshore oil drilling close to the coastline.

Breaking the News / TT