France has officially served a notice of its withdrawal from the Energy Charter Treaty, French newspaper Le Monde reported on Monday, citing the French Foreign Ministry.
PARIS (Pakistan Point News / Sputnik - 19th December, 2022) France has officially served a notice of its withdrawal from the Energy Charter Treaty, French newspaper Le Monde reported on Monday, citing the French Foreign Ministry.
In late October, President Emmanuel Macron said that France intended to withdraw from the treaty to ensure smooth transition to green energy and reach some short-term goals including lowering energy prices.
According to the newspaper, France confirmed the decision announced by Macron and notified other signatories of its withdrawal, which will go into effect on January 1, 2024.
A country resigning from the Energy Charter Treaty must continue to fulfill its obligations for 20 years after its withdrawal, which for France will mean continuous compliance until 2044, Le Monde noted.
The Energy Charter Treaty, which was singed in 1994 in Lisbon, covers different aspects of international cooperation in energy. The initial aim of the treaty was to ensure integration of counties of Eastern Europe and the former Soviet Union in the global energy market and stimulate investments by protecting rights of investors via international arbitration.
The treaty has been criticized for creating obstacles for countries in their action against climate change by prioritizing the interests of investors over government policy.
