<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML
style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"
xmlns="http://www.w3.org/1999/xhtml"><HEAD><TITLE></TITLE>
<META content="text/html; charset=utf-8" http-equiv=Content-Type><!--[if !mso]><!-->
<META content=IE=edge http-equiv=X-UA-Compatible><!--<![endif]-->
<META name=viewport content=width=device-width>
<STYLE type=text/css>
@media Unknown
{
.column {
}
.wrapper {
MIN-WIDTH: 600px !important
}
.wrapper H1 {
}
.wrapper H1 {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper H2 {
}
.wrapper H2 {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper H3 {
}
.wrapper H3 {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-8 {
LINE-HEIGHT: 14px !important; FONT-SIZE: 8px !important
}
.wrapper .size-8-m {
LINE-HEIGHT: 14px !important; FONT-SIZE: 8px !important
}
.wrapper .size-8-l {
LINE-HEIGHT: 14px !important; FONT-SIZE: 8px !important
}
.wrapper .size-8-m {
LINE-HEIGHT: 16px !important
}
.wrapper .size-8-l {
LINE-HEIGHT: 24px !important
}
.wrapper .size-9 {
LINE-HEIGHT: 16px !important; FONT-SIZE: 9px !important
}
.wrapper .size-9-m {
LINE-HEIGHT: 16px !important; FONT-SIZE: 9px !important
}
.wrapper .size-9-l {
LINE-HEIGHT: 16px !important; FONT-SIZE: 9px !important
}
.wrapper .size-9-m {
LINE-HEIGHT: 18px !important
}
.wrapper .size-9-l {
LINE-HEIGHT: 27px !important
}
.wrapper .size-10 {
LINE-HEIGHT: 18px !important; FONT-SIZE: 10px !important
}
.wrapper .size-10-m {
LINE-HEIGHT: 18px !important; FONT-SIZE: 10px !important
}
.wrapper .size-10-l {
LINE-HEIGHT: 18px !important; FONT-SIZE: 10px !important
}
.wrapper .size-10-m {
LINE-HEIGHT: 20px !important
}
.wrapper .size-10-l {
LINE-HEIGHT: 30px !important
}
.wrapper .size-11 {
LINE-HEIGHT: 19px !important; FONT-SIZE: 11px !important
}
.wrapper .size-11-m {
LINE-HEIGHT: 19px !important; FONT-SIZE: 11px !important
}
.wrapper .size-11-l {
LINE-HEIGHT: 19px !important; FONT-SIZE: 11px !important
}
.wrapper .size-11-m {
LINE-HEIGHT: 22px !important
}
.wrapper .size-11-l {
LINE-HEIGHT: 33px !important
}
.wrapper .size-12 {
LINE-HEIGHT: 19px !important; FONT-SIZE: 12px !important
}
.wrapper .size-12-m {
LINE-HEIGHT: 19px !important; FONT-SIZE: 12px !important
}
.wrapper .size-12-l {
LINE-HEIGHT: 19px !important; FONT-SIZE: 12px !important
}
.wrapper .size-12-m {
LINE-HEIGHT: 24px !important
}
.wrapper .size-12-l {
LINE-HEIGHT: 36px !important
}
.wrapper .size-13 {
LINE-HEIGHT: 21px !important; FONT-SIZE: 13px !important
}
.wrapper .size-13-m {
LINE-HEIGHT: 21px !important; FONT-SIZE: 13px !important
}
.wrapper .size-13-l {
LINE-HEIGHT: 21px !important; FONT-SIZE: 13px !important
}
.wrapper .size-13-m {
LINE-HEIGHT: 26px !important
}
.wrapper .size-13-l {
LINE-HEIGHT: 39px !important
}
.wrapper .size-14 {
LINE-HEIGHT: 21px !important; FONT-SIZE: 14px !important
}
.wrapper .size-14-m {
LINE-HEIGHT: 21px !important; FONT-SIZE: 14px !important
}
.wrapper .size-14-l {
LINE-HEIGHT: 21px !important; FONT-SIZE: 14px !important
}
.wrapper .size-14-m {
LINE-HEIGHT: 28px !important
}
.wrapper .size-14-l {
LINE-HEIGHT: 42px !important
}
.wrapper .size-15 {
LINE-HEIGHT: 23px !important; FONT-SIZE: 15px !important
}
.wrapper .size-15-m {
LINE-HEIGHT: 23px !important; FONT-SIZE: 15px !important
}
.wrapper .size-15-l {
LINE-HEIGHT: 23px !important; FONT-SIZE: 15px !important
}
.wrapper .size-15-m {
LINE-HEIGHT: 30px !important
}
.wrapper .size-15-l {
LINE-HEIGHT: 45px !important
}
.wrapper .size-16 {
LINE-HEIGHT: 24px !important; FONT-SIZE: 16px !important
}
.wrapper .size-16-m {
LINE-HEIGHT: 24px !important; FONT-SIZE: 16px !important
}
.wrapper .size-16-l {
LINE-HEIGHT: 24px !important; FONT-SIZE: 16px !important
}
.wrapper .size-16-m {
LINE-HEIGHT: 32px !important
}
.wrapper .size-16-l {
LINE-HEIGHT: 48px !important
}
.wrapper .size-17 {
LINE-HEIGHT: 26px !important; FONT-SIZE: 17px !important
}
.wrapper .size-17-m {
LINE-HEIGHT: 26px !important; FONT-SIZE: 17px !important
}
.wrapper .size-17-l {
LINE-HEIGHT: 26px !important; FONT-SIZE: 17px !important
}
.wrapper .size-17-m {
LINE-HEIGHT: 34px !important
}
.wrapper .size-17-l {
LINE-HEIGHT: 51px !important
}
.wrapper .size-18 {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-18-m {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-18-l {
LINE-HEIGHT: 26px !important; FONT-SIZE: 18px !important
}
.wrapper .size-18-m {
LINE-HEIGHT: 36px !important
}
.wrapper .size-18-l {
LINE-HEIGHT: 54px !important
}
.wrapper .size-20 {
LINE-HEIGHT: 28px !important; FONT-SIZE: 20px !important
}
.wrapper .size-20-m {
LINE-HEIGHT: 28px !important; FONT-SIZE: 20px !important
}
.wrapper .size-20-l {
LINE-HEIGHT: 28px !important; FONT-SIZE: 20px !important
}
.wrapper .size-20-m {
LINE-HEIGHT: 40px !important
}
.wrapper .size-20-l {
LINE-HEIGHT: 60px !important
}
.wrapper .size-22 {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper .size-22-m {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper .size-22-l {
LINE-HEIGHT: 31px !important; FONT-SIZE: 22px !important
}
.wrapper .size-22-m {
LINE-HEIGHT: 44px !important
}
.wrapper .size-22-l {
LINE-HEIGHT: 66px !important
}
.wrapper .size-24 {
LINE-HEIGHT: 32px !important; FONT-SIZE: 24px !important
}
.wrapper .size-24-m {
LINE-HEIGHT: 32px !important; FONT-SIZE: 24px !important
}
.wrapper .size-24-l {
LINE-HEIGHT: 32px !important; FONT-SIZE: 24px !important
}
.wrapper .size-24-m {
LINE-HEIGHT: 48px !important
}
.wrapper .size-24-l {
LINE-HEIGHT: 72px !important
}
.wrapper .size-26 {
LINE-HEIGHT: 34px !important; FONT-SIZE: 26px !important
}
.wrapper .size-26-m {
LINE-HEIGHT: 34px !important; FONT-SIZE: 26px !important
}
.wrapper .size-26-l {
LINE-HEIGHT: 34px !important; FONT-SIZE: 26px !important
}
.wrapper .size-26-m {
LINE-HEIGHT: 52px !important
}
.wrapper .size-26-l {
LINE-HEIGHT: 78px !important
}
.wrapper .size-28 {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper .size-28-m {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper .size-28-l {
LINE-HEIGHT: 36px !important; FONT-SIZE: 28px !important
}
.wrapper .size-28-m {
LINE-HEIGHT: 56px !important
}
.wrapper .size-28-l {
LINE-HEIGHT: 84px !important
}
.wrapper .size-30 {
LINE-HEIGHT: 38px !important; FONT-SIZE: 30px !important
}
.wrapper .size-30-m {
LINE-HEIGHT: 38px !important; FONT-SIZE: 30px !important
}
.wrapper .size-30-l {
LINE-HEIGHT: 38px !important; FONT-SIZE: 30px !important
}
.wrapper .size-30-m {
LINE-HEIGHT: 60px !important
}
.wrapper .size-30-l {
LINE-HEIGHT: 90px !important
}
.wrapper .size-32 {
LINE-HEIGHT: 40px !important; FONT-SIZE: 32px !important
}
.wrapper .size-32-m {
LINE-HEIGHT: 40px !important; FONT-SIZE: 32px !important
}
.wrapper .size-32-l {
LINE-HEIGHT: 40px !important; FONT-SIZE: 32px !important
}
.wrapper .size-32-m {
LINE-HEIGHT: 64px !important
}
.wrapper .size-32-l {
LINE-HEIGHT: 96px !important
}
.wrapper .size-34 {
LINE-HEIGHT: 43px !important; FONT-SIZE: 34px !important
}
.wrapper .size-34-m {
LINE-HEIGHT: 43px !important; FONT-SIZE: 34px !important
}
.wrapper .size-34-l {
LINE-HEIGHT: 43px !important; FONT-SIZE: 34px !important
}
.wrapper .size-34-m {
LINE-HEIGHT: 68px !important
}
.wrapper .size-34-l {
LINE-HEIGHT: 102px !important
}
.wrapper .size-36 {
LINE-HEIGHT: 43px !important; FONT-SIZE: 36px !important
}
.wrapper .size-36-m {
LINE-HEIGHT: 43px !important; FONT-SIZE: 36px !important
}
.wrapper .size-36-l {
LINE-HEIGHT: 43px !important; FONT-SIZE: 36px !important
}
.wrapper .size-36-m {
LINE-HEIGHT: 72px !important
}
.wrapper .size-36-l {
LINE-HEIGHT: 108px !important
}
.wrapper .size-40 {
LINE-HEIGHT: 47px !important; FONT-SIZE: 40px !important
}
.wrapper .size-40-m {
LINE-HEIGHT: 47px !important; FONT-SIZE: 40px !important
}
.wrapper .size-40-l {
LINE-HEIGHT: 47px !important; FONT-SIZE: 40px !important
}
.wrapper .size-40-m {
LINE-HEIGHT: 80px !important
}
.wrapper .size-40-l {
LINE-HEIGHT: 120px !important
}
.wrapper .size-44 {
LINE-HEIGHT: 50px !important; FONT-SIZE: 44px !important
}
.wrapper .size-44-m {
LINE-HEIGHT: 50px !important; FONT-SIZE: 44px !important
}
.wrapper .size-44-l {
LINE-HEIGHT: 50px !important; FONT-SIZE: 44px !important
}
.wrapper .size-44-m {
LINE-HEIGHT: 88px !important
}
.wrapper .size-44-l {
LINE-HEIGHT: 132px !important
}
.wrapper .size-48 {
LINE-HEIGHT: 54px !important; FONT-SIZE: 48px !important
}
.wrapper .size-48-m {
LINE-HEIGHT: 54px !important; FONT-SIZE: 48px !important
}
.wrapper .size-48-l {
LINE-HEIGHT: 54px !important; FONT-SIZE: 48px !important
}
.wrapper .size-48-m {
LINE-HEIGHT: 96px !important
}
.wrapper .size-48-l {
LINE-HEIGHT: 144px !important
}
.wrapper .size-56 {
LINE-HEIGHT: 60px !important; FONT-SIZE: 56px !important
}
.wrapper .size-56-m {
LINE-HEIGHT: 60px !important; FONT-SIZE: 56px !important
}
.wrapper .size-56-l {
LINE-HEIGHT: 60px !important; FONT-SIZE: 56px !important
}
.wrapper .size-56-m {
LINE-HEIGHT: 112px !important
}
.wrapper .size-56-l {
LINE-HEIGHT: 168px !important
}
.wrapper .size-64 {
LINE-HEIGHT: 68px !important; FONT-SIZE: 64px !important
}
.wrapper .size-64-m {
LINE-HEIGHT: 68px !important; FONT-SIZE: 64px !important
}
.wrapper .size-64-l {
LINE-HEIGHT: 68px !important; FONT-SIZE: 64px !important
}
.wrapper .size-64-m {
LINE-HEIGHT: 128px !important
}
.wrapper .size-64-l {
LINE-HEIGHT: 192px !important
}
.wrapper .size-72 {
LINE-HEIGHT: 76px !important; FONT-SIZE: 72px !important
}
.wrapper .size-72-m {
LINE-HEIGHT: 76px !important; FONT-SIZE: 72px !important
}
.wrapper .size-72-l {
LINE-HEIGHT: 76px !important; FONT-SIZE: 72px !important
}
.wrapper .size-72-m {
LINE-HEIGHT: 144px !important
}
.wrapper .size-72-l {
LINE-HEIGHT: 216px !important
}
.wrapper .size-80 {
LINE-HEIGHT: 84px !important; FONT-SIZE: 80px !important
}
.wrapper .size-80-m {
LINE-HEIGHT: 84px !important; FONT-SIZE: 80px !important
}
.wrapper .size-80-l {
LINE-HEIGHT: 84px !important; FONT-SIZE: 80px !important
}
.wrapper .size-80-m {
LINE-HEIGHT: 160px !important
}
.wrapper .size-80-l {
LINE-HEIGHT: 240px !important
}
.wrapper .size-96 {
LINE-HEIGHT: 100px !important; FONT-SIZE: 96px !important
}
.wrapper .size-96-m {
LINE-HEIGHT: 100px !important; FONT-SIZE: 96px !important
}
.wrapper .size-96-l {
LINE-HEIGHT: 100px !important; FONT-SIZE: 96px !important
}
.wrapper .size-96-m {
LINE-HEIGHT: 192px !important
}
.wrapper .size-96-l {
LINE-HEIGHT: 288px !important
}
.wrapper .size-112 {
LINE-HEIGHT: 116px !important; FONT-SIZE: 112px !important
}
.wrapper .size-112-m {
LINE-HEIGHT: 116px !important; FONT-SIZE: 112px !important
}
.wrapper .size-112-l {
LINE-HEIGHT: 116px !important; FONT-SIZE: 112px !important
}
.wrapper .size-112-m {
LINE-HEIGHT: 224px !important
}
.wrapper .size-112-l {
LINE-HEIGHT: 336px !important
}
.wrapper .size-128 {
LINE-HEIGHT: 132px !important; FONT-SIZE: 128px !important
}
.wrapper .size-128-m {
LINE-HEIGHT: 132px !important; FONT-SIZE: 128px !important
}
.wrapper .size-128-l {
LINE-HEIGHT: 132px !important; FONT-SIZE: 128px !important
}
.wrapper .size-128-m {
LINE-HEIGHT: 256px !important
}
.wrapper .size-128-l {
LINE-HEIGHT: 384px !important
}
.wrapper .size-144 {
LINE-HEIGHT: 148px !important; FONT-SIZE: 144px !important
}
.wrapper .size-144-m {
LINE-HEIGHT: 148px !important; FONT-SIZE: 144px !important
}
.wrapper .size-144-l {
LINE-HEIGHT: 148px !important; FONT-SIZE: 144px !important
}
.wrapper .size-144-m {
LINE-HEIGHT: 288px !important
}
.wrapper .size-144-l {
LINE-HEIGHT: 432px !important
}
}
</STYLE>
<META name=x-apple-disable-message-reformatting>
<STYLE type=text/css>
.main, .mso {
margin: 0;
padding: 0;
}
table {
border-collapse: collapse;
table-layout: fixed;
}
* {
line-height: inherit;
}
[x-apple-data-detectors] {
color: inherit !important;
text-decoration: none !important;
}
.wrapper .footer__share-button a:hover,
.wrapper .footer__share-button a:focus {
color: #ffffff !important;
}
.wrapper .footer__share-button a.icon-white:hover,
.wrapper .footer__share-button a.icon-white:focus {
color: #ffffff !important;
}
.wrapper .footer__share-button a.icon-black:hover,
.wrapper .footer__share-button a.icon-black:focus {
color: #000000 !important;
}
.btn a:hover,
.btn a:focus,
.footer__share-button a:hover,
.footer__share-button a:focus,
.email-footer__links a:hover,
.email-footer__links a:focus {
opacity: 0.8;
}
.preheader,
.header,
.layout,
.column {
transition: width 0.25s ease-in-out, max-width 0.25s ease-in-out;
}
.preheader td {
padding-bottom: 8px;
}
.layout,
div.header {
max-width: 400px !important;
-fallback-width: 95% !important;
width: calc(100% - 20px) !important;
}
div.preheader {
max-width: 360px !important;
-fallback-width: 90% !important;
width: calc(100% - 60px) !important;
}
.snippet,
.webversion {
Float: none !important;
}
.stack .column {
max-width: 400px !important;
width: 100% !important;
}
.fixed-width.has-border {
max-width: 402px !important;
}
.fixed-width.has-border .layout__inner {
box-sizing: border-box;
}
.snippet,
.webversion {
width: 50% !important;
}
.mso .layout__edges {
font-size: 0;
}
.layout-fixed-width,
.mso .layout-full-width {
background-color: #ffffff;
}
@media only screen and (min-width: 620px) {
.column,
.gutter {
display: table-cell;
Float: none !important;
vertical-align: top;
}
div.preheader,
.email-footer {
max-width: 560px !important;
width: 560px !important;
}
.snippet,
.webversion {
width: 280px !important;
}
div.header,
.layout,
.one-col .column {
max-width: 600px !important;
width: 600px !important;
}
.fixed-width.has-border,
.fixed-width.x_has-border,
.has-gutter.has-border,
.has-gutter.x_has-border {
max-width: 602px !important;
width: 602px !important;
}
.two-col .column {
max-width: 300px !important;
width: 300px !important;
}
.three-col .column,
.column.narrow,
.column.x_narrow {
max-width: 200px !important;
width: 200px !important;
}
.column.wide,
.column.x_wide {
width: 400px !important;
}
.two-col.has-gutter .column,
.two-col.x_has-gutter .column {
max-width: 290px !important;
width: 290px !important;
}
.three-col.has-gutter .column,
.three-col.x_has-gutter .column,
.has-gutter .narrow {
max-width: 188px !important;
width: 188px !important;
}
.has-gutter .wide {
max-width: 394px !important;
width: 394px !important;
}
.two-col.has-gutter.has-border .column,
.two-col.x_has-gutter.x_has-border .column {
max-width: 292px !important;
width: 292px !important;
}
.three-col.has-gutter.has-border .column,
.three-col.x_has-gutter.x_has-border .column,
.has-gutter.has-border .narrow,
.has-gutter.x_has-border .narrow {
max-width: 190px !important;
width: 190px !important;
}
.has-gutter.has-border .wide,
.has-gutter.x_has-border .wide {
max-width: 396px !important;
width: 396px !important;
}
}
@supports (display: flex) {
@media only screen and (min-width: 620px) {
.fixed-width.has-border .layout__inner {
display: flex !important;
}
}
}
/***
* Mobile Styles
*
* 1. Overriding inline styles
*/
@media(max-width: 619px) {
.email-flexible-footer .left-aligned-footer .column,
.email-flexible-footer .center-aligned-footer,
.email-flexible-footer .right-aligned-footer .column {
max-width: 100% !important; /* [1] */
text-align: center !important; /* [1] */
width: 100% !important; /* [1] */
}
.flexible-footer-logo {
margin-left: 0px !important; /* [1] */
margin-right: 0px !important; /* [1] */
}
.email-flexible-footer .left-aligned-footer .flexible-footer__share-button__container,
.email-flexible-footer .center-aligned-footer .flexible-footer__share-button__container,
.email-flexible-footer .right-aligned-footer .flexible-footer__share-button__container {
display: inline-block;
margin-left: 5px !important; /* [1] */
margin-right: 5px !important; /* [1] */
}
.email-flexible-footer__additionalinfo--center {
text-align: center !important; /* [1] */
}
.email-flexible-footer .left-aligned-footer table,
.email-flexible-footer .center-aligned-footer table,
.email-flexible-footer .right-aligned-footer table {
display: table !important; /* [1] */
width: 100% !important; /* [1] */
}
.email-flexible-footer .footer__share-button,
.email-flexible-footer .email-footer__additional-info {
margin-left: 20px;
margin-right: 20px;
}
}
@media only screen and (-webkit-min-device-pixel-ratio: 2), only screen and (min--moz-device-pixel-ratio: 2), only screen and (-o-min-device-pixel-ratio: 2/1), only screen and (min-device-pixel-ratio: 2), only screen and (min-resolution: 192dpi), only screen and (min-resolution: 2dppx) {
.fblike {
background-image: url(https://i7.cmail20.com/static/eb/beta/13-the-blueprint-3/images/fblike@2x.png) !important;
}
.tweet {
background-image: url(https://i8.cmail20.com/static/eb/beta/13-the-blueprint-3/images/tweet@2x.png) !important;
}
.linkedinshare {
background-image: url(https://i9.cmail20.com/static/eb/beta/13-the-blueprint-3/images/lishare@2x.png) !important;
}
.forwardtoafriend {
background-image: url(https://i10.cmail20.com/static/eb/beta/13-the-blueprint-3/images/forward@2x.png) !important;
}
}
@media (max-width: 321px) {
.fixed-width.has-border .layout__inner {
border-width: 1px 0 !important;
}
.layout,
.stack .column {
min-width: 320px !important;
width: 320px !important;
}
.border {
display: none;
}
.has-gutter .border {
display: table-cell;
}
}
.cmctbl--inline table {
border-collapse: collapse;
}
.mso .w560 .divider {
Margin-left: 260px !important;
Margin-right: 260px !important;
}
.mso .w360 .divider {
Margin-left: 160px !important;
Margin-right: 160px !important;
}
.mso .w260 .divider {
Margin-left: 110px !important;
Margin-right: 110px !important;
}
.mso .w160 .divider {
Margin-left: 60px !important;
Margin-right: 60px !important;
}
.mso .w354 .divider {
Margin-left: 157px !important;
Margin-right: 157px !important;
}
.mso .w250 .divider {
Margin-left: 105px !important;
Margin-right: 105px !important;
}
.mso .w148 .divider {
Margin-left: 54px !important;
Margin-right: 54px !important;
}
</STYLE>
<!--[if !mso]><!-->
<STYLE type=text/css>
@import url(https://fonts.googleapis.com/css?family=Montserrat:400,700,400italic,700italic);
</STYLE>
<LINK rel=stylesheet type=text/css
href="https://fonts.googleapis.com/css?family=Montserrat:400,700,400italic,700italic"><!--<![endif]-->
<STYLE type=text/css>
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getting out of climate-busting treaties
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Halting global heating at
1.5°C and averting catastrophic climate change will require sacrifices.
Specifically, it will require fossil fuel companies <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-r/"><STRONG>sacrificing
potential revenue</STRONG></A> to preserve a liveable planet.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Instead of being dug up
and sold, 90% of the world's remaining coal and 60% of its oil and gas
will need to stay underground by 2050, according to a study published in
2021. But with so much money on the line, the fossil fuel industry is
digging in for a long fight.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">You're reading the Imagine
newsletter – a weekly synthesis of academic insight on solutions to
climate change, brought to you by The Conversation. I'm Jack Marley,
energy and environment editor. This week we're looking at how legal
compensation for investors in coal, oil and gas is blocking climate
action.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"US$20 billion: That’s how
much American investors think Canadian taxpayers should fork over to <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-y/"><STRONG>compensate
them</STRONG></A> for their failed bid to develop a liquefied natural
gas (LNG) facility in Québec," says Kyla Tienhaara, Canada Research Chair
in Economy and Environment at Queen's University, Ontario.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"That’s almost a fifth of
the province’s total budget for this year."</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">The Québec government had
rejected plans to build a port in which large ships load and unload LNG, a
fossil fuel, on the basis that it would increase emissions of the
greenhouse gases driving climate change, Tienhaara explains.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"Canada faces a no-win
situation — a catch-22. If the government does not rapidly phase out
fossil fuels, it will fail to meet its commitments under the Paris
Agreement to address the climate crisis," she says.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"But when it takes steps
to do so, foreign investors invoke international trade and investment
agreements like NAFTA and threaten to drain public coffers."</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px"><STRONG>'Lost future
profits'</STRONG></P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Canada's dilemma will be
familiar to countries around the world. For example, the International
Monetary Fund offered Pakistan a loan of US$6 billion in 2019 on the
condition that then-prime minister, Imran Khan, implemented austerity.
Nationwide strikes followed, and less than two weeks later, a World Bank
tribunal ordered the south Asian country to pay a mining company US$5.8
billion dollars, which would all but eclipse the (ultimately ruinous)
loan.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">The bills issued to Québec
and Pakistan are both the result of <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-j/"><STRONG>investor-state
dispute settlements</STRONG></A>, or ISDS. These are legal cases
arbitrated by the World Bank Group between foreign companies and states.
ISDS hearings are conducted in private but they allow corporations to
challenge government measures designed to protect public health or the
environment.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">How do they do this? By
arguing that states owe them damages for cancelling or curtailing projects
they have invested in – even if those projects, like a coal mine or a gas
terminal, threaten to blow the country's remaining carbon budget for
staying within a habitable climate.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"One might argue that a
fair outcome, if the government was solely to blame, would be for the
award to cover these sunk costs," Tienhaara says. "Instead [in Pakistan's
case] it was more than 25 times that amount. That is because the tribunal
chose to award the company 'lost future profits' from the project."</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Of course, companies
cannot say with certainty how profitable the commodities they are being
denied will remain during the decades they had expected to produce them.
But that doesn't matter, Tienhaara says.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"When it comes to the
calculation of damages, there are very few constraints on arbitrators. As
noted in one award, a tribunal generally has the freedom to 'arrive at a
figure with which it is comfortable in all the circumstances of the
case'."</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px"><STRONG>Paying the
polluters</STRONG></P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">The energy charter treaty
(ECT) effectively enshrines the right of private companies to seek damages
from governments taking action against climate change in 53 Asian and
European countries. Since coming into force in 1998, the treaty has proved
to be <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-t/"><STRONG>a
boon for investors</STRONG></A> says Leïla Choukroune, a professor of
international law at the University of Portsmouth:</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"The ECT has allowed
energy and fossil fuel investors to receive vast sums of compensation. In
2021, Russia was ordered to pay US$20.5 million (£17.4 million) in
compensation to Yukos Capital, an oil company, for expropriation ... Spain
has been subject to 45 disputes under the ECT and has paid more than €800
million (£673 million) in claims."</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"While investment
protection agreements allow investors to sue sovereign states, the reverse
is not possible," Choukroune adds.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">The strength of fossil
fuel companies and their investors in these disputes is aided by the fact
that independent experts called upon to arbitrate are often anything but,
Choukroune argues.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"Few of the arbitrators
who sit in ECT hearings are public international law experts ... Investors
have in some cases appointed arbitrators who have acted as legal advisers
for them previously. This raises the question of whether arbitrators can
separate these roles and act impartially."</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">The treaty was devised to
prevent former Soviet states from taking energy firms or their
infrastructure into public ownership, but it will continue to obstruct
governments well into the future because of a clause which binds former
members for 20 years after they leave.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Some countries are still
considering an early exit, while others, including the UK, place their
trust in reforms to "<A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-i/">modernise</A>"
the treaty by exempting fossil fuels from legal protection, Choukroune
says.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">But given the in-built
advantages for corporations in the ECT and other investor-state disputes,
<A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-d/">more
than 100 academics</A> wrote to the UK government in March arguing
that continued membership puts climate targets in peril.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">Chamu Kuppuswamy, a senior
lecturer in law at the University of Hertfordshire, describes a possible
course of action:</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"One way to address this
problem is for parties contracted to the energy charter treaty to <A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-h/"><STRONG>withdraw
from it en masse</STRONG></A>, and so escape the sunset clause which holds
them liable two decades after leaving. These countries could also enter
into a separate agreement to exclude investor-state dispute cases against
each other.</P>
<P style="MARGIN-TOP: 20px; MARGIN-BOTTOM: 0px">"Sustained public pressure
... could encourage enough governments to act decisively, fatally
weakening the treaty and its grip on international climate action."</P>
<P
style="LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><EM>- Jack Marley, Environment commissioning
editor</EM></P></DIV></DIV>
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<DIV
style="LINE-HEIGHT: 2px; BACKGROUND-COLOR: #ccc; WIDTH: 40px; DISPLAY: block; MARGIN-BOTTOM: 20px; MARGIN-LEFT: auto; FONT-SIZE: 2px; MARGIN-RIGHT: auto"
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<DIV style="MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 20px"><EM><SPAN
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data-emb-iscopy="true">Subscribe to
Imagine.</A></STRONG></SPAN></EM></P></DIV></DIV>
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<DIV
style="LINE-HEIGHT: 2px; BACKGROUND-COLOR: #ccc; WIDTH: 40px; DISPLAY: block; MARGIN-LEFT: auto; FONT-SIZE: 2px; MARGIN-RIGHT: auto"
class=divider></DIV></DIV></DIV><!--[if mso]></td></tr></table><![endif]--></DIV></DIV>
<DIV
style="LINE-HEIGHT: 15px; FONT-SIZE: 15px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout one-col fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 600px" class="w560"><![endif]-->
<DIV
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; COLOR: #202020; FONT-SIZE: 16px"
class=column>
<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-u/"><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 668px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
class="gnd-corner-image gnd-corner-image-center gnd-corner-image-top"
alt="A Greenpeace banner reading ’No GNL’ is shown hanging from a building under construction."
src="https://i2.cmail20.com/ei/r/09/35F/3BC/015851/csfinal/file-20230518-18-qic5wa-9900000000079e3c.jpeg"
width=600></A> </DIV>
<DIV style="MARGIN-TOP: 20px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P
style="LINE-HEIGHT: 28px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 20px"
lang=x-size-24 class=size-24><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-o/"><STRONG>Catch-22:
Canada’s attempts to phase out fossil fuel might result in it paying
the polluters</STRONG></A></P>
<P
style="LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16>To address the climate crisis, governments
need to limit new fossil fuel developments. But foreign investors are
often protected under trade and investment agreements.</P></DIV></DIV>
<DIV style="MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV style="TEXT-ALIGN: left; MARGIN-BOTTOM: 20px"
class="btn btn--flat btn--small"><!--[if !mso]><!--><A
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href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-b/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-b/" style="width:68.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
</DIV></DIV>
<DIV style="MARGIN-BOTTOM: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="LINE-HEIGHT: 2px; BACKGROUND-COLOR: #ccc; WIDTH: 40px; DISPLAY: block; MARGIN-LEFT: auto; FONT-SIZE: 2px; MARGIN-RIGHT: auto"
class=divider></DIV></DIV></DIV><!--[if mso]></td></tr></table><![endif]--></DIV></DIV>
<DIV
style="LINE-HEIGHT: 20px; FONT-SIZE: 20px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 200px" valign="top" class="w160"><![endif]-->
<DIV
style="MIN-WIDTH: 200px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 320px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column narrow">
<DIV style="MARGIN: 12px 20px">
<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-p/"><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 480px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
alt="A yellow truck picks up coal from an open pit mine."
src="https://i3.cmail20.com/ei/r/09/35F/3BC/015851/csfinal/file-20210908-16-1gfhdr-990000079e01453c.jpeg"
width=160></A> </DIV></DIV></DIV><!--[if mso]></td><td style="width: 400px" valign="top" class="w360"><![endif]-->
<DIV
style="MIN-WIDTH: 320px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 400px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column wide">
<DIV style="MARGIN-TOP: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><STRONG><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-x/">Climate
change: ditch 90% of world’s coal and 60% of oil and gas to limit warming
to 1.5°C – experts</A></STRONG></P>
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><SPAN style="COLOR: #202020">Our new study
reveals how tight the world's remaining carbon budget
is.</SPAN></P></DIV></DIV>
<DIV style="MARGIN-BOTTOM: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV style="TEXT-ALIGN: left" class="btn btn--flat btn--small"><!--[if !mso]><!--><A
style="TEXT-ALIGN: center; PADDING-BOTTOM: 6px; LINE-HEIGHT: 19px; BACKGROUND-COLOR: #29339b; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; DISPLAY: inline-block; FONT-FAMILY: Montserrat, DejaVu Sans, Verdana, sans-serif; COLOR: #ffffff !important; FONT-SIZE: 11px; FONT-WEIGHT: bold; TEXT-DECORATION: none !important; PADDING-TOP: 6px; transition: opacity 0.1s ease-in; border-radius: 4px"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-c/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-c/" style="width:68.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
</DIV></DIV></DIV><!--[if mso]></td></tr></table><![endif]--></DIV></DIV>
<DIV
style="LINE-HEIGHT: 20px; FONT-SIZE: 20px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 200px" valign="top" class="w160"><![endif]-->
<DIV
style="MIN-WIDTH: 200px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 320px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column narrow">
<DIV style="MARGIN: 12px 20px">
<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-q/"><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 480px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
alt="A man walking in front of shutters painted with two Pakistani flags."
src="https://i4.cmail20.com/ei/r/09/35F/3BC/015851/csfinal/file-20190721-116562-nqpql-990000079e01453c.jpeg"
width=160></A> </DIV></DIV></DIV><!--[if mso]></td><td style="width: 400px" valign="top" class="w360"><![endif]-->
<DIV
style="MIN-WIDTH: 320px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 400px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column wide">
<DIV style="MARGIN-TOP: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><STRONG><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-a/">World
Bank ruling against Pakistan shows global economic governance
is broken</A></STRONG></P>
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><SPAN style="COLOR: #202020">Abolishing the
secretive World Bank Tribunal known as the ISDS won't solve all of the
problems of global economic governance. But it seems a very good place to
start.</SPAN></P></DIV></DIV>
<DIV style="MARGIN-BOTTOM: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV style="TEXT-ALIGN: left" class="btn btn--flat btn--small"><!--[if !mso]><!--><A
style="TEXT-ALIGN: center; PADDING-BOTTOM: 6px; LINE-HEIGHT: 19px; BACKGROUND-COLOR: #29339b; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; DISPLAY: inline-block; FONT-FAMILY: Montserrat, DejaVu Sans, Verdana, sans-serif; COLOR: #ffffff !important; FONT-SIZE: 11px; FONT-WEIGHT: bold; TEXT-DECORATION: none !important; PADDING-TOP: 6px; transition: opacity 0.1s ease-in; border-radius: 4px"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-f/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-f/" style="width:68.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
</DIV></DIV></DIV><!--[if mso]></td></tr></table><![endif]--></DIV></DIV>
<DIV
style="LINE-HEIGHT: 20px; FONT-SIZE: 20px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 200px" valign="top" class="w160"><![endif]-->
<DIV
style="MIN-WIDTH: 200px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 320px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column narrow">
<DIV style="MARGIN: 12px 20px">
<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-z/"><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 480px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
alt='3 protestors holding green signs reading "Exit ECT".'
src="https://i5.cmail20.com/ei/r/09/35F/3BC/015851/csfinal/file-20221121-18-u3yhlh-990000079e01453c.jpeg"
width=160></A> </DIV></DIV></DIV><!--[if mso]></td><td style="width: 400px" valign="top" class="w360"><![endif]-->
<DIV
style="MIN-WIDTH: 320px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 400px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column wide">
<DIV style="MARGIN-TOP: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><STRONG><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-v/">The
Energy Charter Treaty lets fossil fuel firms sue governments – but its
future is now in question</A></STRONG></P>
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><SPAN style="COLOR: #202020">The Energy
Charter Treaty allows fossil fuel investors to sue governments over
climate action – prompting EU countries to
withdraw.</SPAN></P></DIV></DIV>
<DIV style="MARGIN-BOTTOM: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV style="TEXT-ALIGN: left" class="btn btn--flat btn--small"><!--[if !mso]><!--><A
style="TEXT-ALIGN: center; PADDING-BOTTOM: 6px; LINE-HEIGHT: 19px; BACKGROUND-COLOR: #29339b; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; DISPLAY: inline-block; FONT-FAMILY: Montserrat, DejaVu Sans, Verdana, sans-serif; COLOR: #ffffff !important; FONT-SIZE: 11px; FONT-WEIGHT: bold; TEXT-DECORATION: none !important; PADDING-TOP: 6px; transition: opacity 0.1s ease-in; border-radius: 4px"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-e/">Read
more</A><!--<![endif]--><!--[if mso]><p style="line-height:0;margin:0;"> </p><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-e/" style="width:68.25pt" arcsize="13%" fillcolor="#29339B" stroke="f"><v:textbox style="mso-fit-shape-to-text:t" inset="0pt,3.75pt,0pt,3.75pt"><center style="font-size:11px;line-height:19px;color:#FFFFFF;font-family:Montserrat,DejaVu Sans,Verdana,sans-serif;font-weight:bold;mso-line-height-rule:exactly;mso-text-raise:1.25px">Read more</center></v:textbox></v:roundrect><![endif]-->
</DIV></DIV></DIV><!--[if mso]></td></tr></table><![endif]--></DIV></DIV>
<DIV
style="LINE-HEIGHT: 20px; FONT-SIZE: 20px; mso-line-height-rule: exactly"> </DIV>
<DIV
style="MIN-WIDTH: 320px; MARGIN: 0px auto; WIDTH: 320px; MAX-WIDTH: 600px; WORD-WRAP: break-word; overflow-wrap: break-word"
class="layout fixed-width stack">
<DIV
style="BACKGROUND-COLOR: #ffffff; WIDTH: 100%; DISPLAY: table; BORDER-COLLAPSE: collapse"
class=layout__inner><!--[if mso]><table align="center" cellpadding="0" cellspacing="0" role="presentation"><tr class="layout-fixed-width" style="background-color: #ffffff;"><td style="width: 200px" valign="top" class="w160"><![endif]-->
<DIV
style="MIN-WIDTH: 200px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 320px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column narrow">
<DIV style="MARGIN: 12px 20px">
<DIV
style="LINE-HEIGHT: 19px; FONT-STYLE: normal; FONT-SIZE: 12px; FONT-WEIGHT: normal"
align=center><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-s/"><IMG
style="BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; DISPLAY: block; MAX-WIDTH: 480px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: auto; BORDER-LEFT-WIDTH: 0px"
alt="An engineer inspects a valve on an oil pump."
src="https://i6.cmail20.com/ei/r/09/35F/3BC/015851/csfinal/file-20220706-26-9i1i2w-990000079e01453c.jpeg"
width=160></A> </DIV></DIV></DIV><!--[if mso]></td><td style="width: 400px" valign="top" class="w360"><![endif]-->
<DIV
style="MIN-WIDTH: 320px; TEXT-ALIGN: left; LINE-HEIGHT: 24px; WIDTH: 320px; FONT-FAMILY: Montserrat,DejaVu Sans,Verdana,sans-serif; MAX-WIDTH: 400px; FLOAT: left; COLOR: #202020; FONT-SIZE: 16px"
class="column wide">
<DIV style="MARGIN-TOP: 12px; MARGIN-LEFT: 20px; MARGIN-RIGHT: 20px">
<DIV
style="VERTICAL-ALIGN: middle; mso-line-height-rule: exactly; mso-text-raise: 11px">
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><STRONG><A
style="COLOR: #202020; TEXT-DECORATION: underline; transition: opacity 0.1s ease-in"
href="https://theconversationuk.cmail20.com/t/r-l-ttjuhyht-nljldnkrt-g/">Energy
charter treaty makes climate action nearly illegal in 52 countries – so
how can we leave it?</A></STRONG></P>
<P
style="TEXT-ALIGN: left; LINE-HEIGHT: 24px; MARGIN-TOP: 20px; MARGIN-BOTTOM: 20px; FONT-SIZE: 16px"
lang=x-size-16 class=size-16><SPAN style="COLOR: #202020">A case brought
to the European Court of Human Rights could pressure countries to
leave.</SPAN></P></DIV></DIV>
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