The United Kingdom has reached a landmark agreement for the purpose of modernizing the terms of the Energy Charter Treaty (ECT) which has been expected for limiting the costly legal challenges from the fossil fuel investors in the country.
This move has come as several countries of the European Union, which is including Poland, Italy and Slovenia, which has been facing the costly legal challenges along with decreasing their reliance on the fossil fuels and also boosting the renewable energy industry with the Netherlands that are currently facing a challenge over the country’s coal phase-out, which can possibly cost the taxpayers of the country worth 1.4 billion dollars.
This modernized treaty, which is due to be signed in the month of November 2022, is going to make sure that, the investments in the new fossil fuel projects does not get the legal protection in the United Kingdom. Instead it is going to have a much longer focus on the promotion of the clean and affordable energy and also protecting the sovereign right of the UK government for changing the own energy systems for reaching the targets that are set out in the climate agreement of Paris.
The government of the United Kingdom believes that, this is going to give the private investors increased confidence for investing in all these types of the technologies along with providing support to the net zero goals of the United Kingdom.
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