International appeal to Cop27: end investor-state dispute settlements (ISDS) or miss your climate goals
Demonstrators hold signs as part of a protest demanding no more stolen relatives and stolen land with the group Indigenous Women Action at the COP27 UN Climate Summit, Tuesday, November 15, 2022, in Sharm el-Sheikh, Egypt
GOVERNMENTS promising climate action at Cop27 must end the “system of secretive tribunals” through which corporations block progress, hundreds of civil society organisations warned today.
More than 380 organisations from 60 countries, including Oxfam and Friends of the Earth, said that so-called investor-state dispute settlement (ISDS) clauses in dozens of trade and investment agreements pose a serious threat to efforts to reduce carbon emissions.
“ISDS empowers transnational corporations to sue governments in secretive tribunals outside the national legal system, over law and policy changes they fear could reduce their profits,” a statement by the organisations said.
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