Climate Change
How Wealthy Corporations Use Investment Agreements to Extract Millions From Developing Countries
A case in point: When Ecuador placed a windfall tax on foreign oil operations, French and U.S. companies filed claims—and were awarded more than $800 million.
QUITO, Ecuador—When Rafael Correa entered Ecuador’s presidency in 2007, the nation faced an opportunity and a challenge. Ecuador’s economy depended on oil, and global crude prices were near a record high. Much of the oil was extracted by foreign companies, however, so as prices surged more wealth began flowing overseas.
How Wealthy Corporations Use Investment Agreements to Extract Millions From Developing Countries