COP29: “End corporate courts to help defang corporations’ power to prevent climate action”, campaigners say

Date: 14 November 2024
Campaigns: Climate, Trade

As COP29 turns its focus to finance, investment and trade, Nick Dearden, director of Global Justice Now said:

Negotiators can’t credibly discuss trade at COP29, without committing to bring an end to corporate courts. Hidden in trade deals and little known to the public, this ISDS system has seen government after government challenged in secret courts, simply for enacting much needed climate action.

“The UK early this year left the Energy Charter Treaty which contained ISDS – citing its risks to the UK’s efforts to reach net zero. It is hypocritical not extend this stance to its all investment treaties which allow corporations to sue governments.

“Most immediately, the UK-Colombia bilateral investment treaty must be terminated. Colombia has been hounded by corporate court claims – with pending claims exceeding $13 billion. The UK must coordinate with Colombia to end to this treaty and defang one of the most powerful tools corporations hold to prevent the vital climate action we need.”