The following just popped up in my feeds, anytime you sign a free trade deal you seem to be ceding a bit of sovereignty to the dominant economic power
There's a growing conflict between ambitious climate action and retrograde investment treaties that indemnify foreign investors from government decisions that cut into their future profits.
www.nationalobserver.com
~An American company wanted to build a massive fossil fuel project in Quebec. After full public debate, the provincial and federal governments rejected the plan based on environmental concerns. The company launched a record-breaking NAFTA lawsuit against Canada — confirming the dire threat that investor-state dispute settlement (ISDS) poses to bold climate action.
The case — the largest in NAFTA’s history — drives home the growing conflict between forward-looking, ambitious climate action and retrograde investment treaties that indemnify foreign investors from government decisions that cut into their future profits.
Ruby River Capital, a Delaware-registered corporation owned and controlled by two U.S. venture capital firms, proposed to build a natural gas liquefaction plant and maritime terminal on the Saguenay Fjord near the mouth of the St. Lawrence River.
The firm is seeking compensation of “no less than” US$20 billion (just over $27 billion Canadian) — the largest amount ever claimed by an investor under NAFTA’s ISDS provisions and among the highest current investor-state claims globally.
Ruby River’s inflated demands are based on the investor’s speculative estimate of the profits the project supposedly would have made over its lifetime. It is many, many times the costs actually incurred in seeking project approval (US$120 million by the investor’s estimate).
In the present report, the Special Rapporteur on the issue of human rights obligations relating to the enjoyment of a safe, clean, healthy and sustainable environment, David R. Boyd, chronicles the compelling evidence that a secretive international arbitration process called investor-State...
www.ohchr.org