Leaked TTIP documents show the EU is promoting unrestricted trade in fossil fuels and working to limit the implementation of clean energy policies, just months after the bloc proudly claimed to have “been at the forefront of international efforts towards a global climate deal”
Climate change action demands moving to an energy system based on renewables and leaving fossil fuels in the ground. International investment agreements, and particularly ISDS, stand in the way of energy transition. They limit the ability of governments to set the terms of their energy policy, including the support of renewable energy. Investment agreements such as the Transatlantic Trade and Investment Partnership (TTIP) and the Comprehensive Economic and Trade Agreement (CETA) will further empower corporations to challenge strong government action on climate change
Global finance is only one facet of multiple crises facing human civilization - crises over food, water, climate, energy as well as the global economy urgently need to be addressed. So far, neoliberal responses of governments have been to tackle finance alone - by replacing a banker or by pumping money into the system. But it is the system itself - that is in crisis.
In this special edition of Globalizations, François Houtart outlines the interlinked but different elements of the multiple crises we face, and makes radical suggestions for moving beyond the current state of affairs - through addressing all together.