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Oil companies don't deserve reparations for fossil fuel bans. They'll still want them

Oil companies don’t deserve reparations for fossil fuel bans. They’ll still want them
Phasing out fossil fuel is a crucial step to address the climate emergency. But to do so will mean facing not only political and economic obstacles, but legal ones. Fossil fuel companies can use domestic and international laws to demand compensation for bans on fossil fuels or prohibitions on the extraction of oil or coal. The legal system can make our collective transition to a green economy easier, or more difficult; among other things, it can increase the bill we pay for a healthy environment. Like big tobacco, big oil can and will litigate. ....

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Oil companies don't deserve reparations for fossil fuel bans. They'll still want them | Climate change

This legal question becomes especially serious because companies like Shell and Exxon-Mobil can bring cases to a jurisdiction that they contributed to creating in the first place â a forum specially fit for their purposes.
In the late 1950s, Shell and other oil firms were concerned about maintaining control of the global southâs natural resources. Decolonization was a risk to their business model. They were also worried that governments in both south and north were taking a more active role in the economy. The lawyers of oil firms and international bankers joined forces to imagine a legal regime that would protect their oil and mineral businesses from state intervention. This regime would consist of a structure of international treaties and international arbitration known as investor-state dispute settlement, or ISDS. Although the wording of these treaties remained vague, their expectation was that international arbitration would serve to develop the proper legal rul ....

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