Court System Awards Over $100 Billion to Corporations from Public Funds

According to comprehensive new research, a total of $114 billion has been paid from public coffers to various investors, a sum that parallels the climate aid provided by affluent nations in 2022. Notably, fossil fuel enterprises have received the lion’s share of these awards, amassing $80.21 billion since 1998. If trends persist, an additional $48 billion is anticipated to be distributed to settle ongoing litigations.

Lucía Bárcena from the Transnational Institute highlighted the irony in the system, comparing it to historical payments made to slaveholders, suggesting that funds used for ISDS payouts could be better allocated to reparations for those impacted by Global warming.

Tom Wills, of the Trade Justice Movement, pointed out the systemic use of ISDS as a deterrent against governmental climate action. This exploitation of the system by fossil fuel companies underscores the urgent need for reform.

The outcry against ISDS has grown louder following the collective withdrawal of EU countries from the Energy Charter treaty, a major source of investor-state claims. Despite this, the ISDS mechanism remains entrenched in numerous international investment agreements, allowing foreign investors to sue nations for potential profit losses caused by public policy measures, including environmental regulations.

ISDS tribunals, unlike national courts, permit investors to influence the selection of panelists, raising concerns over bias and conflict of interest as outlined in a UN report. This setup has significantly hindered necessary climate actions, previously anticipated and urgent.

The online tracker provides access to a database of 1,362 filed ISDS cases, revealing an astonishing $857 billion in total claims against governments. Among these, the most notable include a $15 billion claim by TC Energy against the U.S. for the cancellation of the Keystone XL pipeline and a $20 billion claim by Ruby River Capital against Quebec over an environmentally detrimental gas plant.

These figures and cases underline the pressing need for a global reevaluation and potential dissolution of ISDS provisions in international treaties, to pave the way for a fairer and more sustainable global policy framework.

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