President Emmanuel Macron announced on Friday that France will join other European nations in leaving the Energy Charter Treaty, which protected investments in the energy sector, including Spain and the Netherlands.
At the conclusion of a summit of the European Union in Brussels, Macron declared, ‘We have decided to withdraw from the Energy Charter Treaty.’
The treaty, which was created to safeguard energy supply and provides protection to businesses engaging in the energy sector and has more than 50 signatories, including the European Union.
The use of it to challenge governments for regulatory changes that endanger the returns on particular investments, however, has increased in recent years among fossil fuel and renewable energy businesses.
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