Overview
In an August 3 article entitled "Canada Says Koch Has No Claim In Cap-And-Trade Fight" Law360 reports on recent developments in this NAFTA Chapter Eleven dispute against Canada, heard under the ICSID Rules. Steptoe represents Koch Industries and Koch Supply & Trading (Koch). The dispute centers on Ontario's summary cancellation of its carbon emissions cap and trade program and related refusal to compensate Koch for tens of millions of dollars in carbon allowances upon the program's termination.
The case is ground-breaking in that it is the first to focus on claims arising out of State emissions control programs. The dispute raises novel issues about the status of emissions allowances as "property" and its implications for the management of emissions control systems. Law 360 relates the Canadian government's attempt to seek dismissal of the claim on jurisdictional grounds and Koch's related response. Pleadings in the matter have not yet closed.
Steptoe London partner Christophe Bondy is lead counsel in the case, supported by a cross-border Steptoe team including Tom Innes, Chloe Baldwin, Alexandre Genest, Claire Schachter, Michael Lee, Lindsey Dimond and Elliot Letts.
The full article can be read at Law360 (subscription required).
Carbon Pulse, a news and intelligence service focused on carbon pricing and climate change policies also reported on the case in an article entitled "Canada Rebuffs Koch in Cap-and-Trade Legal Dispute" (subscription required).
