Climate change is already causing about $600-billion in damages annually, gobally. Oil and gas companies could soon find themselves on the hook for at least part of the damage.
The Obama administration’s insistence on ISDS may please Wall Street, but it threatens to undermine some of the president’s landmark achievements in curbing pollution and fighting global warming.
A US-incorporated energy firm, Lone Pine Resources Inc., is taking on Quebec’s stand against fracking, saying it violates the North American free-trade agreement and demanding more than $250-million in compensation.