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. ExxonMobil has filed a notice of dispute under the Energy Charter Treaty, which the EU left in 2024 but still allows claims for 20 years. The company argues compliance is extremely costly and disadvantages European industry. Two Exxon subsidiaries have already filed a lawsuit at the EU Court of Justice. Analysts view the move as a signal that no climate obligation for the oil industry can withstand investment arbitration. The European Commission has three months to respond before arbitration proceedings can begin.
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