ExxonMobil sues EU over rules forcing oil giants to invest in carbon storage
Detailed summary
US oil giant ExxonMobil is challenging EU rules requiring fossil fuel producers to help fund carbon storage infrastructure, in a legal battle that could undermine Brussels’ efforts to make the industry pay for the energy transition. #EuropeNews
Oil and gas giant ExxonMobil is suing the European Commission over EU rules requiring fossil fuel producers to contribute to carbon storage targets, according to an official Commission document seen by Euronews.Three companies belonging to the ExxonMobil group have filed a notice of arbitration under the Energy Charter Treaty (ECT), using rules established by the United Nations Commission on International Trade Law, the document reveals.The ECT is a post-Cold War international agreement originally designed to protect investments in unstable, formerly communist states.
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