The following letter was printed in the Finanacial Times

For the past decade, the UK-Colombia bilateral investment treaty covered by Joe Daniels (Report, December 16) has given British corporations a loaded gun in the form of the investor-state dispute settlement (ISDS) mechanism.

Even the mere threat of an eyewatering lawsuit can pose a deterrent to necessary climate action — corporations have been allowed to hold Colombia to ransom for taking essential actions to protect its environment, economy and indigenous peoples.

But now, the tide is changing. Earlier this year the UK left the Energy Charter Treaty, citing the risks the agreement posed to the UK’s own transition, in light of the access it gives companies to investment tribunals. It would be pure hypocrisy for the UK, then, to accept the reality of these risks, only to subject Colombia to these same tribunals.

The argument that these agreements are vital for encouraging investment has been comprehensively debunked. Indeed, Ecuador and South Africa’s ministers claim they saw no fall in foreign direct investment when terminating similar investment treaties. These treaties are also distinct from trade agreements, and do not concern themselves with bilateral flows of goods and services. In other words, there is everything to gain, and very little to lose. If the UK government wants to truly live up to its claims of climate leadership, it must seize the opportunity to terminate this treaty once and for all.

• Ahmed Hafezi War on Want
• Louise Winstanley Director, ABColombia
• Nick Dearden Director, Global Justice Now
• Tom Wills Trade Justice Movement
• Jenny Ortiz Programme Manager, CINEP
• Diana Salazar Latin American Coordinator, London Mining Network
• Hasan Dodwell Director, Justice for Colombia