The future of the EU’s international investment policy must have a positive impact on sustainable development!
by Jennifer Richard
Renew Europe strongly welcomes the adoption today in plenary of a report calling for a reform of the EU’s international investment policy. The EU must work on the future of this important and essential policy which can have more positive impacts. Indeed, our international investment policy has an impact on our economy by creating jobs and increasing our prosperity but also globally. Renew Europe strongly believes that investments can and should contribute to sustainable economic growth and development.
We therefore call on the Commission to review the EU’s investment policy in order to ensure consistency with the European Green Deal and the Sustainable Development Goals (SDGs). European values should also be put forward in such a reform. Our International Investment Agreements (IIAs) should also facilitate and promote green and inclusive sustainable investments. The EU is at the forefront of the fight against climate change and must continue its efforts. For Renew Europe, It is therefore essential that the EU revises the Energy Charter Treaty (ECT) in order to prevent fuel investors from suing contracting parties for pursuing policies to phase out fossil fuels in line with their commitments under the Paris Agreement. We consider that the Commission and the EU Member States should be coordinated to exit from the ECT.
With this report, we recall the importance of an EU investment policy adapted to the needs of the real economy and that protects EU companies when investing abroad. We have shown, on many occasions, that we can deliver an ambitious and assertive trade policy anchored in the achievement of the open strategic autonomy objectives. We have demonstrated, again and again, that we are leading the fight against climate change, with a trade policy which takes into account one of the greatest challenges of our time. Renew Europe is convinced that such an ambition can and should be applied to our international investment policy.
Marie-Pierre Vedrenne (France, Renaissance), Renew Europe shadow rapporteur on this important file, declared:
“As the European Union is diversifying its partnerships, we need a better protection of European Investments, and a better integration of the Green deal in EU investment policy. The European Parliament asserted a strong position today by adopting this report on the Future of Investment. This vote also expressed the will for a coordinated exit of all EU member states from the Energy Charter Treaty that protects foreign investment in fossil fuels. In the context of the war in Ukraine, and as the negotiations to reform the ECT are still stalled, it is a clear signal. This shows again Renew Europe’s leadership in fighting climate change. We need to exit as soon as possible !”