France Officially Leaves Energy Charter Treaty

On Monday, France’s Foreign Ministry said the country has sent an official notification of its withdrawal from the Energy Charter Treaty, according to the French newspaper "Le Monde".

In late October, President Emmanuel Macron mentioned that France intends to withdraw from the treaty to ensure a smooth transition to green energy, and achieve some short-term goals including lowering energy prices.

According to the newspaper, France confirmed the decision announced by Macron and notified the other signatories of the withdrawal, which will take effect on January 1, 2024.

Le Monde indicated that a country withdrawing from the Energy Charter Treaty must continue to fulfill its obligations for 20 years after its withdrawal, which for France means continuous compliance until 2044.

The Energy Charter Treaty, signed in 1994 in Lisbon, covers various aspects of international cooperation in the field of energy.

The first objective of the treaty was to ensure the integration of the countries of Eastern Europe and the former Soviet Union in the global energy market and to stimulate investments by protecting the rights of investors through international arbitration.

The treaty has been criticized for "creating obstacles" for countries in their work against climate change by prioritizing the interests of investors over government policy.