A leading environmental group is sounding the alarm over climate threats posed by pending trade agreements, including the controversial Trans-Pacific Partnership (TPP).
TPP is a free trade agreement among the United States and 11 other countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement was signed in February and still needs ratification from the U.S. Congress.
In a recent report, the Sierra Club says the TPP and another proposed trade agreement under negotiation between the United States and the European Union, called the Transatlantic Trade and Investment Partnership (TTIP), “threaten efforts to keep fossil fuels in the ground.”
“Like NAFTA [the North American Free Trade Agreement], the TPP and TTIP would give foreign corporations broad rights, including the right to challenge new fossil fuel restrictions that thwart their ‘expectations’ for a stable business environment,” the report explains. “The trade deals would empower the corporations to bypass U.S. courts and take such challenges to tribunals of three private lawyers, unaccountable to any domestic legal system, under a process known as ‘investor-state dispute settlement’ (ISDS).”