ExxonMobil Threatens to Sue EU Over Climate Protection Requirements
US oil giant ExxonMobil is threatening to sue the European Union before a private arbitration court over climate protection requirements under the EU's Net-Zero Industry Act. The law mandates oil and gas producers to invest in underground CO2 storage. Exxon's subsidiaries in the Netherlands and Germany have already filed a lawsuit at the EU Court of Justice. Now, Exxon has submitted a notice of dispute under the Energy Charter Treaty, which could lead to investor-state arbitration. The EU left the treaty in 2024, but a clause allows lawsuits for up to 20 years after exit. Exxon argues the regulations are extremely costly and disadvantage European companies. Experts view the move as a warning that no climate obligation can withstand investment arbitration. The European Commission and Exxon declined to comment.
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