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Article

8 Jan 2016

Author:
Magda Stoczkiewicz, EU Observer (Belgium)

How trade deals threaten democracy and climate

…The controversial Keystone XL pipeline, which would have bisected the United States carrying climate-killing tar sands from Canada, was rejected by US President Obama…On 6 January this year, TransCanada initiated international trade proceedings against the US government over its decision to block the pipeline. Under the investment chapter of the North American Free Trade Agreement (NAFTA), TransCanada is demanding USD$15 billion in compensation, from taxpayers’ money…In effect, a decision made by a democratically elected government, in the interest of both people and the environment, is being challenged by a corporation interested only in its projected profits. In addition, the case will be heard in a private international tribunal, composed of unelected corporate lawyers. The case adds to the long list of past and ongoing investor-state dispute settlements (ISDS)…The ISDS…may create a chilling effect on legislators keen to protect the public interest, due to the threat of lawsuits and financial losses...This latest case sends American, Canadian and EU decision-makers a clear signal: trade and investment deals, including investor-state dispute settlement mechanisms, are an enormous threat to the climate...[Also refers to Ethyl (part of NewMarket), LonePine Resources, Vattenfall]