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now that we all, including @IMFNews, do virtue signalling on #ClimateCrisis and Amazon, let's talk about Ecuador.
Ecuador has a long standing legal dispute Chevron (owner of Texaco) over environmental damage to Amazonian indigenous populations and environment.
Ecuador has a long standing legal dispute Chevron (owner of Texaco) over environmental damage to Amazonian indigenous populations and environment.
30,000 locals, including five Amazonian tribes, began lawsuit against Texaco in 1993. Plaintiffs say that Texaco knowingly dumped 18bn gallons (68bn litres) of toxic waste water and spilled 17m gallons of crude oil into north-east Ecuador rainforest bbc.co.uk/news/world-lat…
A local court, and then the Ecuadorian Supreme Court in 2015, dictated heavy fines against Chevron.
But International Tribunal in the Hague found that Ecuador had denied Chevron fair access to justice (???) while leaving the door open for plaintiffs to bring case to the Hague
But International Tribunal in the Hague found that Ecuador had denied Chevron fair access to justice (???) while leaving the door open for plaintiffs to bring case to the Hague
Chevron won because of the Bilateral Investment Treaty signed by Ecuador w US. It used the famous ISDS process - where corporations can sue countries in private arbitration courts - that prompted Belgium to reject Canada-EU trade agreement. waronwant.org/sites/default/…
the ISDS is incidentally a possible creature that will haunt our post Brexit lands, described by representatives of trade unions, charities and faith groups as 'threat to human rights, health and the environment' theguardian.com/politics/2019/…
Ecuador lost the case last year, and is due to pay compensation to Chevron. Yes, a poor country will compensate big oil for polluting the Amazon. It is unclear how much, but with the change in government to pro-market Lenin Moreno, Ecuador committed to pay.
early this year, Ecuador signed an agreement with the IMF, and Moreno promised that IMF 'loan package would be dedicated to “social investment”', and work opportunities for those who have not found something stable.” ft.com/content/f6aed9…
we now know that some/all of the IMF loan will go to paying damages to Chevron, while IMF agreement imposes the usual dose of austerity that fellow Argentinians will recognise well.
