The letter further elaborates that in order to offset the energy sector's impact on global warming and keep the global temperature below 1.5oC above pre-industrial levels, countries should cooperate based on the stable and enforceable rule of law. The current global investments in sustainable energy should be increased by more than ten times, and the major part of these investments should come from private international investors to the energy sectors of developed and, more importantly, developing countries.
The Energy Charter Treaty has a unique capacity to facilitate cooperation between investors and Governments and foster commitments of mutual trust, legal stability, and policy predictability beyond election cycles. The Energy Charter Treaty envisages legal tools and commitments to reassure that today's promises will result in the honoured commitments of tomorrow. Thus, the Treaty can help to safeguard that the long-term targets of reaching net-zero targets and keeping the global temperature rise below 1.5oC are achieved and supported by all involved stakeholders. The Energy Charter Treaty, which in its Preamble recalls the UN Framework Convention on Climate Change, was specifically designed for this purpose, and it is now being modernised to fully address the climate change challenges of XXI century.
In his concluding remarks, Dr Rusnák invited COP26 to explore and evaluate the global application of the modernised Energy Charter Treaty and its potential role in achieving UK's goals for COP26.