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11/30/2022, 2:17 PM (Source: TeleTrader)
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Germany pulls out of Energy Charter Treaty

German Economy Minister Robert Habeck (left) announced on Wednesday that the cabinet has approved the country's withdrawal from the Energy Charter Treaty amid the energy crisis that has struck the region.

"The Energy Charter Treaty has proven itself in the past to be an obstacle for change," Habeck underscored at the press briefing following the cabinet meeting. The economy minister earlier called the exit from the treaty a "logical" move, as Germany looks to diversify its energy supplies.

The 1998-enacted treaty, which safeguards investments in oil and gas energy projects, has recently come under fire from environmentalists for "undermining climate protection ambitions." Other EU member states, including Spain, the Netherlands, France, and Poland have also announced their intention to withdraw from the treaty.

Baha Breaking News (BBN) / AB