UK quits treaty that lets oil firms sue government

The United Kingdom has announced that it will be withdrawing from the Energy Charter Treaty, a controversial international agreement that allows foreign oil and gas companies to sue governments over energy policies.

The decision to exit the treaty comes as part of the UK government’s efforts to protect public policy making from potential lawsuits by foreign corporations. Environmental groups have long criticized the Energy Charter Treaty for undermining climate action and giving too much power to fossil fuel companies.

By leaving the treaty, the UK joins several other countries that have taken similar steps in recent years. The move is seen as a positive step towards limiting the influence of powerful fossil fuel interests and prioritizing climate-friendly policies.

However, some industry experts have raised concerns that withdrawing from the treaty could also impact the UK’s ability to attract foreign investment in its energy sector. It remains to be seen how this decision will play out in the long term.