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The Energy Charter Treaty has been referred to as a “relic of the past” and “a chimaera of the energy industry” during the three decades it has been in force. Many see it as a crutch for the fossil fuel sector and an unnecessary weight that is dragging down the green transition. Some countries have signalled their intent to leave the agreement, Italy has already left and others are in the process of considering their options. In July, the executive branch of the European Union proposed that the 27-member bloc should exit the treaty en masse. So what is going on?
This week, Fabian Flues, investment policy lead at PowerShift, joins the show to explain why the ECT is so divisive and why the green transition could accelerate by consigning the agreement to the past. He also suggests that this might be a death knell for the ECT, as it might not be able to survive without EU countries as members. Could this be an important milestone in the journey towards net-zero?
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