Energy Minister Terje Aasland (Ap) withdraws Norway from the international energy charter. The agreement has not been ratified in Norway, and it is therefore not necessary to process the decision in the Storting. Photo: Rodrigo Freitas / NTB
By NTB | 26.04.2024 16:32:20
Economy and business: The European Parliament this week agreed to the European Commission’s proposal to withdraw the Union from the agreement because it is contrary to the climate goals.
The agreement from the 90s makes it possible for energy investors to sue countries and demand compensation if political measures or laws have a negative effect on their profits.
At most, 72 countries had signed the agreement, but recently several have withdrawn.
Norway is now following suit. This is revealed in an exchange of letters between the Ministry of Energy and the Ministry of Foreign Affairs, which the online newspaper Energi og Klima has gained access to.
According to the online newspaper, the Ministry of Energy justifies the decision, among other things, by the fact that Norway has not ratified the agreement.
Norway signed the energy charter in 1995, but it was never ratified because the agreement contained rules for dispute resolution between countries which the Ministry of Foreign Affairs’ experts believed were in conflict with the Constitution.
(© NTB)
The article is in Norwegian
Norway
Tags: Norway withdraws controversial oil agreement
