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For Immediate Release

Contact

Dan Byrnes (202) 495-3039 or daniel.byrnes@sierraclub.org

Press Release

New Report: TransCanada's $15 Billion USD Case Reveals Reckless Trade Provisions

Trade Rules Empower Corporations To Demand Compensation, Threaten Our Communities and Climate
WASHINGTON/BRUSSELS -

Today, Friends of the Earth Europe, the Sierra Club, and 11 other groups from the European Union, United States, and Canada released “Oil Corporations Vs. Climate: How investors use trade agreements to undermine climate action,” a new report that highlights how TransCanada Corporation is planning to use rules in the North American Free Trade Agreement (NAFTA) to ask a private tribunal to order the U.S. government to pay more than $15 billion of taxpayers’ money as “compensation” for the rejection of the Keystone XL pipeline. 

The report illustrates the threat of pending trade deals that, if passed, would empower thousands of additional multinational corporations to bypass domestic courts and demand government compensation for environmental and climate protections in unaccountable tribunals. These deals include the Trans-Pacific Partnership (TPP), the EU-Canada Comprehensive Economic and Trade Agreement (CETA), and the U.S.-EU Transatlantic Trade and Investment Partnership (TTIP). The report is being released as the twelfth round of TTIP negotiations kick off in Brussels, Belgium.

“Despite the U.S. and 194 other nations reaching an historic climate agreement in Paris not three months ago, corporate lobby groups are trying to push members of Congress to support destructive trade deals that would give fossil fuel corporations greater power to challenge our climate protections,” said Courtenay Lewis, one of the report’s authors and the Campaign Representative for the Sierra Club’s Responsible Trade Program. “We’re already seeing just how costly and dangerous reckless trade deals can be for U.S. taxpayers. To solve the climate crisis, we cannot afford more irresponsible trade deals that put the interests of fossil fuel corporations above the health of our communities, the stability of our climate, or the principles of our democracy.”

“Tar sands are a climate killer, and the Obama Administration was right to block Keystone XL,” said Colin Roche, another of the report’s authors and the Extractive Industries Campaigner at  Friends of the Earth Europe. “Trade policy should not be a backdoor for corporations to challenge or dissuade measures to tackle climate change. It’s time to drop investor-state dispute mechanisms in any form, stop harmful trade deals and start taking necessary action to stop climate destruction.”

Organizations that have signed on to the report include:

* 350.org * Bold Nebraska * Corporate Europe Observatory * Council of Canadians * Food & Water Watch * Friends of the Earth Europe * Friends of the Earth U.S. * Greenpeace * Oil Change International * Powershift * Sierra Club * Transnational Institute * Transport and Environment *

To read the report, click here: sc.org/vIzWn

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