ISDS dangers

 In May of this year I queried the government's silence over the possibility of an ISDS procedure being included in the Anglo-Australian trade deal. I also raised the matter with our local MP, and I am glad to say that he has received this assurance from a government minister:

The dangers of ISDS have been exposed by an action taken by a British oil exploitation company against the Italian government. Under a rather obscure international agreement dating from the 1990s, the Energy Charter Treaty (ECT), fossil fuel extractors can claim compensation for the withdrawal of a licence, even though the nation concerned has withdrawn from the ECT.

In the wake of various oil shocks from the 1950s and 1970s, Western powers clearly felt vulnerable and therefore the extraordinary powers given to oil companies were justified.. However, since then the viability of renewable energy has been established and many different sources of petroleum have been discovered, making it difficult for OPEC, let alone an individual nation to hold the world to ransom. The balance has therefore shifted, and the ECT is now more of a threat than a boon. Until the original signatories repudiate it, it is fertile ground for exploitation by such companies as Rockhopper which seek a quick return on their investments and to the devil with the environment or the wishes of local people.