Lynn Boylan (Sinn Fein) | Oireachtas source

Sinn Féin has submitted a motion, which is on the Order Paper, relating to the Energy Charter Treaty. It calls on the Government to leave that toxic treaty. I commend the five young people, aged 17 to 31, who are now taking a case regarding the Energy Charter Treaty to the European Court of Human Rights because the treaty protects fossil fuel investors. This toxic treaty has cost member states €110 billion in compensation for changes in national energy laws that would seek to reduce their profits. The recent Intergovernmental Panel on Climate Change report specifically called out the Energy Charter Treaty as being a block to climate action. We feel obliged to put a motion on the Order Paper to call for the Government to withdraw from the treaty. It is an obstacle to action on the climate crisis. It means that fossil fuel companies have greater rights under the treaty than communities. The legal action being taken by young people is backed by 76 climate scientists who argue that continuation of the Energy Charter Treaty will either prevent the closure of fossil fuel companies or will mean there is an enormous financial burden on citizens because they will be expected to foot the bill for fossil fuel companies' stranded assets under this treaty.

It is concerning that this does not just relate to fossil fuel companies. Spain has faced litigation under the investor-state dispute settlement, ISDS, mechanism relating to renewable energy companies. It currently has to pay €8 billion in compensation to solar energy companies. We are in the process of auctioning our resources for offshore wind to some of the companies that are currently taking ISDS cases against our European counterparts under the Energy Charter Treaty, including in the Netherlands. If we are serious about climate action and about meeting our targets, we need to leave the Energy Charter Treaty or else be honest with people that we will require citizens to foot the bill to bail out these companies when we try to move to a decarbonised future.