Fossil fuel firms are biggest beneficiaries of investor-state dispute settlement courts which have awarded $114bn of public money
More than $100bn of public money has been awarded to private investors in investor-state dispute settlement (ISDS) courts, according to the most comprehensive analysis yet.
The controversial arbitration system which allows corporations to sue governments for compensation over decisions they argue affect their profits is largely carried out behind closed doors, with some judgments kept secret. But, according to a global ISDS tracker which launches today, $114bn has so far been paid out of the public purse to investors – about as much as rich nations provided in climate aid in 2022.
Fossil fuel companies have been by far the biggest beneficiaries of the corporate panels, raking in $80.21bn since 1998, according to the site. If current trends continue, at least another $48bn will be disbursed to settle cases currently under litigation, the research finds.
Instead of forking so much of our tax dollars directly over to corporations, how about we try dispensing those awards directly to the American people so we can spend it where we think will be best?
Let’s just end the thing where the government transfers money to corporations. They like healthy competition, right? So if your corpo doesn’t get their fun-money because I spend my kickback funds elsewhere, that’s just business, right?
The money will all trickle up! It’ll be great for the corpos and rich folks.
I could sure use just a couple of billion. I don’t even need 100.
I will literally take a paltry half a billion right now. No questions asked.
Good thing that the EU countries are quitting one of these systems.
Wikipedia still says that cases can be brought 20 years after exiting, but reuters says that’s 10 years now?
