"Corporations (will be able to) sue governments for the loss of “expected future profits.” This means that if a country passes an environmental or a health law that will cost the corporation money, the corporation can sue for the expected profits it stands to lose. The suit will come before a trade tribunal where a three-judge panel, made up mostly of corporate lawyers on temporary leave from their corporate jobs, will decide the case. The takeaway from the tribunals is this: they will dissuade countries from putting in place public interest laws because those governments will be sued and forced to pay millions to corporations. We’ve already experienced something like this, though on a less sweeping scale. Global Trade Watch reports that under previous trade agreements, “over $3 billion has been paid to foreign investors under US trade and investment pacts, while over $14 billion in claims are pending under such deals, primarily targeting environmental, energy, and public health policies.” By the end of 2011, corporations like Chevron, Exxon Mobil, Dow Chemical, and Cargill had launched 450 investor-state cases against 89 governments, including the US, to fight regulations that protect the environment. Among these cases were bans of toxic chemicals, hydrofracking, timber and mining regulations, and programs that incentivized green jobs and renewable energy programs."
Posted on: Mon, 22 Jul 2013 17:56:42 +0000
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