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Beyond known worlds: climate change governance by arbitral tribunals?

A. Renewable Energy Investors as Claimants

Renewable energy-related disputes have emerged as the new frontier of confrontation between investors and states. A number of countries have adopted incentives to attract investments in the renewable energy sector and to increase the production of clean energy. The rationales for public support of renewable energy are multifold. In general terms, public support of renewables is needed because energy production from renewables is more expensive than (and not yet competitive with) energy generated from fossil fuels. Moreover, energy security calls for the diversification of energy sources away from traditional sources. In response to the current global financial crisis, however, states have implemented unprecedented emergency measures to prevent systemic collapse and return to economic stability. (191) These emergency measures include measures affecting the renewable energy sector. Such measures have triggered a wave of investment disputes against states for potential breaches of investment treaty provisions due to the negative impact of such measures on foreign investments. (192) These investor-state arbitration claims expose the state to potential liability. Investor and host state priorities tend to diverge in times of a financial crisis. Investors are concerned with the protection of their investments. The renewable energy sector is "capital intensive," and "government subsidies are still necessary to make them economically viable." (193) A sovereign's priority, however, is working out a prompt and effective resolution of the crisis. Therefore, finding a balance between the right of a sovereign to respond to a debt crisis and the protection of investors' rights under BITs is a source of international tension.

Many of the pending disputes have arisen out of the same set of facts. A number of EU countries--including Bulgaria, the Czech Republic, Spain, Italy, and Greece--have adopted incentives to attract investments in the renewable energy sector and to increase the production of clean energy. (194) Among these incentives was a "feed-in tariff' (FIT) (i.e., a fixed electricity purchase price set higher than market rates and of guaranteed duration). (195) This and other incentives made the renewable energy market particularly attractive to investors since they reduced financing costs. (196)

After the advent of the global financial crisis, however, a number of governments realized that rapid rates of growth in the renewable energy sector could create an "unsustainable social burden" (197) and began to change their renewable energy policies, repealing some of these incentives, eventually reducing the FITs. (198) In fact, as a policy, FITs cost governments a lot, potentially contributing to the escalation of their deficits. (199) In a number of arbitrations, foreign investors are contending that these regulatory changes amount to a violation of the relevant investment treaties' provisions. This section examines a number of case studies.

Consider, for example, Bulgaria. After adopting the 2007 Renewable and Alternative Energy Sources and Biofuels Act (RAESBA), (200) a new regulation governing investments in renewable energy sources, Bulgaria soon "reached its targets and the governmental authorities took measures to restrict the available incentives." (201) As a result, the 2011 Energy from Renewable Sources Act (ERSA) replaced the RAESBA. (202) A 20 percent tax was imposed on the income of solar energy producers, many of which are foreign owned, and the preferential rates for electricity generated by wind and solar power plants were substantially reduced. Several multinational companies considered the possibility "to protect their rights before an international arbitral tribunal." (203) In 2013 EVN, an Austrian company, which had invested in the energy sector, filed an investment treaty arbitration against Bulgaria. (204) EVN based its claim on the Energy Charter Treaty and the Austria-Bulgaria BIT. EVN acquired the privatized grid operation and electricity supply companies in the southern part of Bulgaria in the 2000s. (205) The dispute was sparked by the reform in the renewable energy sector. EVN was under an obligation to pay a preferential tariff to the solar energy producers but, allegedly, Bulgarian authorities failed to do so. (206) This led EVN to bring a claim against the country after a three-month "cooling-off' negotiation period provided for by the Energy Charter Treaty. (207) While the notice of arbitration is not publicly available, potential breaches, which may be alleged by the foreign investors, include breach of fair and equitable treatment due to lack of a predictable and stable legal framework, breach of legitimate expectations, and indirect expropriation of the investor's asset value. In parallel, reportedly, more than fifty solar companies have lodged a complaint against the state's measures at the European Court of Human Rights, alleging violations of the right to property in breach of Article 1 Protocol 1 of the European Convention on Human Rights. (208)

The Czech Republic is also facing several claims in relation to its repealing favorable treatment of solar-generated energy. (209) In 2005, it had adopted a generous FIT payable to "solar generators who fed electricity into the grid." (210) In 2010, however, the FIT was reduced. (211) A bloc of ten foreign investors filed a joint request for arbitration in May 2013, complaining of various measures allegedly affecting their investments in the Czech Republic's photovoltaic (pv) sector. (212) The claimants relied on a number of treaties in their joint request, including the Energy Charter Treaty and Czech BITs with the Netherlands, Germany, Cyprus, Luxembourg, and the United Kingdom. (213) The claimants contended that these rollbacks constitute an indirect expropriation of their investments and a breach of the fair and equitable treatment standard. (214) The Czech Republic, however, objected to the claimants' efforts to join in a single arbitration. (215) It treated the arbitration request as a request to consolidate all of the claims and indicated which claims it would consent to arbitrate together--"because certain claimants were alleged affiliates and/or invested in a common investment in the Czech Republic." (216) Therefore, six arbitral tribunals have been constituted out of the joint claim. (217) In addition, some German investors have filed an investor-state arbitration under the United Nations Commission on International Trade Law (UNCITRAL) Rules and the Germany-Czech Republic BIT. (218) The latter claim differs from the previous claims because it does not rely on the Energy Charter Treaty. (219) The reasons for the failure to invoke the protections of the treaty are not clear. However, "one explanation could lie in the ECT's Article 21, which places important limits on the claims that can be raised in relation to taxation measures." (220)

Spain is facing a steadily lengthening number of investment treaty claims in relation to its own reductions of incentives that it offered previously to investors in renewable energy production. (221) Reportedly, Spain reduced these incentives which constituted "a significant drag on the Spanish economy." (222) In InfraRed Environmental Infrastructure GP Limited and others v. Spain, (223) the claimant, a UK-based investment fund, which had acquired equity participation in solar projects in Spain, alleges that legal reforms affecting the renewable energy sector constitute violations of the Energy Charter Treaty. (224) A number of companies have brought analogous cases against Spain before the International Center for the Settlement of Investment Disputes (ICSID), (225) the Arbitration Institute of the Stockholm Chamber of Commerce, (226) or ad hoc arbitral tribunals pursuant to the UNCITRAL rules. (227)

Other member states of the European Union are facing similar challenges. On February 21, 2014, the ICSID registered the first known claim filed against Italy for alleged violations of the ECT. (228) The claimants are investors in a photovoltaic energy generation project. (229) The claim is related to the notorious "spalmaincentivi," the decision taken by the government to decrease incentives granted in the past to renewable energy producers. Italy has recently withdrawn from the ECT because of cost-cutting efforts. (230) Under Article 47 of the ECT, the withdrawal will take effect one year after the date of notification. (231) However, the ECT will continue to apply to investments made before such date for a period of further twenty years. (232) Greece has also reduced the supposedly guaranteed prices. (233)

Analogous investment disputes are arising under Chapter 11 of the North American Free Trade Agreement (NAFTA). (234) In Mesa Power v. Canada, (235) a Texas-based energy company has brought an arbitral claim against Canada in relation to the province of Ontario's renewable energy program. (236) The investor, which owns four wind farms in Ontario, contends that the province changed the rules by which renewable energy producers can obtain power purchase agreements, favoring other investors. Ontario's 2009 Green Energy Act is a climate change-related measure aimed at promoting renewable energy production and economic growth. Under the Act's Feed-In Tariff Program (FIT Program), the Ontario Power Authority secures renewable energy through long-term purchase contracts with producers of this energy. Under the program, companies benefit from a preferential tariff rate fixed for twenty years. In Ontario, the Green Energy Act has been controversial because of the preferential treatment granted to renewable energy producers vis-a-vis producers of non-renewable energy. When the relevant authorities introduced some changes to the rules for awarding FIT program contracts, the investor filed a notice of arbitration, contending that these regulatory changes violated the fair and equitable treatment standard. The investor also contended that a green energy investment agreement with a Korean-based company discriminated against other energy producers thus amounting to a breach of the national treatment and most favored nation treatment clauses. Finally, the company alleges that Ontario is imposing a number of local content requirements that amount to prohibited performance requirements under NAFTA Article 1106.

B. Challenges to Climate Change-Related Regulatory Measures

Investors who have invested in polluting activities can bring a second type of investment dispute, challenging climate change-related regulatory measures. Foreign investors can and have argued that Kyoto-related measures violate host state obligations under its international investment treaties, including non-discrimination, the fair and equitable treatment standard, and the prohibition on unlawful expropriation. (237) Reportedly, investors have threatened to file investor--state arbitrations if climate change regulation did not include compensation mechanisms for their alleged losses for reducing carbon emissions. (238) In addition, foreign companies could contend that moratoria on polluting activities amount to breaches of investment treaty provisions. The subsections below examine the types of claims that can and have been brought.

1. Expropriation

Foreign investors could (and have) contend(ed) that moratoria on polluting activities amount to a form of expropriation and require compensation. For instance, an oil and gas firm has filed an investment arbitration against Canada over a moratorium on drilling techniques ("fracking") in Quebec under Chapter 11 of the NAFTA. (239) Although the prohibition of fracking is not a climate change-related measure, similar cases can and have arisen with other moratoria related to climate change.

For instance, in Vattenfall v. Germany, a Swedish company sued Germany under the ECT, challenging a regulation requiring the installation of GHG emissions controls on a proposed coal-fired power plant. (240) According to Vattenfall, local opposition to the plant due to climate change concerns (241) delayed the issuance of the required permits for emissions control and water use. In August 2010, the parties settled the dispute, and the proceedings before the ICSID were suspended. The Government agreed that it would issue the relevant permits and relieved the company of its earlier commitments to the Hamburg Government that aimed to reduce the plant's environmental impact on the Elbe River.

Although the case was settled, this section proposes a solution that may help adjudicating similar expropriation claims in the future. In this regard, it argues that the "police powers" doctrine should apply to this type of climate change-related investment dispute claim. (242) According to this doctrine, general regulation, adopted bona fide and in a non-discriminatory manner to protect public health or safety, or to prevent a public nuisance, does not amount to expropriation and cannot be compensated. (243) In fact, states do have the right--and, some would argue, the duty--to restrict private property to prevent a public nuisance. (244) Few would contest that climate change is a severe type of nuisance or common concern of humankind and that states have the duty to prevent and/or mitigate its effects. The legitimate purpose of climate change-related measures can also be inferred by the fact that they are based on scientific evidence (245) as recognized by several international law instruments ratified by the overwhelming majority of states.

The police powers doctrine allows states to adopt measures to prevent a public nuisance such as climate change. It also allows arbitral tribunals to strike a balance between the objectives pursued by climate change law and those pursued by international investment law. Climate change is a common concern of humankind; there seems to be little question about the need to adopt climate change policies. The protection of foreign direct investment is also an important interest of states, as it can lead to the economic development of the host state. The key issue will be applying international investment law while taking into account climate change law.

At the same time, the concept of police powers is not unlimited. Concepts such as reasonableness and proportionality may help the arbitrators to assess whether the modalities of state regulation are suitable and appropriate to achieve the state objective of climate change mitigation and do not constitute a camouflaged indirect expropriation of the given foreign investment. For instance, in a recent arbitration, Servier v. Poland, (246) concerning the denial of marketing authorizations to certain medicines in the exercise of its police powers to regulate public health, the Tribunal held that while it should "accord due deference to the decisions of specialized ... administrators," it "w[ould] also consider the manner in which those decisions were taken and their effect on the Claimants' investments." (247) In particular, the Tribunal found the denial of marketing authorization to be discriminatory and disproportionate, thus amounting to an unlawful expropriation.

2. Discrimination

Foreign investors (in particular those coming from states outside the Kyoto system) could bring discrimination claims against host states' regulatory measures to promote investments under the Kyoto system. (248) This seems a remote hypothesis, given the almost universal ratification of the UNFCCC and, albeit to a much lesser extent, the Kyoto Protocol. Yet, incentives offered by a state for renewable energy projects could be perceived as discriminatory against carbon intensive businesses.

In this respect, a critical issue will distinguish the climate-friendly and carbon-intensive projects in light of the host state's Kyoto commitments. Arguably, the Kyoto requirements constitute a legitimate ground for distinguishing different economic activities. In an earlier arbitration concerning the construction of a parking area in the proximity of a World Heritage Site, the Arbitral Tribunal distinguished two projects on the basis of their different impacts on the conservation of the site, in light of the host state's commitments under the World Heritage Convention. (249) Similarly, one could argue that carbon-intensive investments and climate-friendly economic activities are not "like investments" because they have different impacts on climate change. Therefore, the host state would be able to defend its regulatory measures on the ground that no discrimination is at issue since there is a legitimate distinction between economic activities, which have different impacts on climate change.

Even prima facie discriminatory measures may be found to be justified because of the novelty and complexity of climate change regulation. For instance, a major steel producer, Arcelor, took action before the (then) European Court of Justice (ECJ), (250) alleging discrimination in the design of the EU Emission Trading Scheme (ETS). (251) The company contended that its emission allocation discriminated against its investment as compared to other competing sectors, (252) requested the partial annulment of the European legislation, and claimed damages. (253) The (now) General Court of the European Union, (254) however, dismissed the claim, supporting the scheme's incremental approach of including some sectors while excluding others. (255) The court acknowledged that the various industrial sectors were comparable polluters and that all carbon emissions affect the global climate. However, the court held that the differential treatment was justified because of the novelty and complexity of the scheme. (256) According to the court, these features allowed a step-by-step approach. (257) In contrast, discrimination based on nationality may be found to be unjustifiable. For instance, in Nykomb v. Latvia, a foreign investor successfully argued that Latvia had discriminated against its investment, supporting domestic operators while withdrawing its support to foreigners. (258)

3. Stabilization Clause

Other claims could be raised in relation to stabilization clauses in contracts between host states and foreign investors. In general terms, stabilization clauses aim to insulate the project from adverse regulatory changes. While stabilization clauses take different forms, they aim to immunize the investment from political risks, freezing the law applicable to the investment to that which was in force when the parties signed the contract. Authors have cautioned that public welfare regulation may be accommodated through appropriate drafting (259) or interpretation of stabilization clauses. (260)

4. Fair and Equitable Treatment

In addition to the mentioned claims of expropriation, discrimination and lack of stability, foreign investors could contend that changes in the regulatory framework of the host state amounts to a violation of the fair and equitable treatment (FET) standard. A number of arbitral tribunals have interpreted the FET standard extensively so as to include the obligation on the part of the state to protect an investor's legitimate expectations and provide a stable legal environment. For instance, in an ECT arbitration, a company won a case against the host state for a change of government policy, which altered an incentive system for green investment. (261)

Although the FET standard seems particularly vague, it does not protect foreign investors against every type of regulatory change. Is it legitimate for the investor to expect host state not/never to take climate change mitigation measures if they are contradictory to statements made or the legal framework in existence? In broad brushstrokes, protected legitimate expectations stem from specific statements by the relevant state authorities, or can arise from the host state regulatory framework in the event that the state in question has induced a given investor's confidence that the legal framework would remain unchanged for some time. On the one hand, it may be difficult to argue that climate change mitigation measures are not foreseeable, as climate change has made headlines. On the other, as Schill points out, "[T]he protection of the investor's legitimate expectations does not make the domestic legal framework unchangeable or subject every change to a compensation requirement." (262) In this regard, the Saluka Tribunal held that ascertaining whether fair and equitable treatment was breached required "a weighing of the Claimant's legitimate and reasonable expectations on the one hand and the Respondent's legitimate regulatory interests on the other." (263)


What are the main challenges posed by climate change-related investment arbitrations? This Part highlights the main issues that can facilitate and/or impede consideration of the public interest in investment treaty arbitration.

A. Lack of Transparency

From a procedural perspective, the general lack of transparency of investment treaty arbitration is of particular concern. Due to the particular features of investment arbitration and the fact that none of the mentioned disputes have been settled yet, very little information is available. While the number of investment disputes relating to renewable energy is growing steadily as reported by the news, very little is known about the claims and arguments of the parties.

The Energy Charter Secretariat regularly compiles and updates a list of the relevant investor-state disputes related to energy--and thus also renewable energy. (264) However, under the Energy Charter Treaty (ECT) "there is no requirement that such disputes be notified to the Secretariat," nor is the Secretariat involved in the administration of investment disputes. Therefore, the information available on the Energy Charter's website "relies on various public sources ... and includes links to publicly available documents" but "completeness cannot be guaranteed." (265)

The ICSID website lists all of the cases that are registered at the Center. (266) Yet, the list provides very little information, generally mentioning the sector of investors' activity, the date of registration, and details about the constitution of the arbitral tribunals. (267) Moreover, the ICSID website does not generally publish the notice of claim let alone the statement of defense and subsequent documents submitted by the parties. (268) If the parties so agree, the ICSID publishes the award on jurisdiction and the final award. (269) The parties, however, may also opt for confidentiality or request the redaction of specific parts of the awards to protect personal data, business information, and the like. The Stockholm Chamber of Commerce and the International Chamber of Commerce provide even less information.

B. Inconsistent Awards

Procedurally, questions arise as to whether the multiplicity of claims and the diversity of arbitral tribunals can lead to divergent awards on the interpretation of recurring legal and factual issues, as happened most notably in the many claims arising against Argentina in the aftermath of that country's earlier financial crisis. Inconsistent awards can impede the harmonious development of international investment law and jeopardize the coherence and predictability of the same. At the same time, however, inconsistent awards can also promote fruitful dialectics within the system, and improve the ultimate quality of the awards. In fact, if one looks at the jurisprudence related to Argentina's financial crisis, an initial stream of awards consistently holding Argentina liable and awarding damages has been partially annulled by Annulment Committees, and another stream of awards have emerged, which has considered Argentina's response to the financial crisis a legitimate response in light of the public interest. (270)

C. Multiparty Arbitration

Another interesting procedural issue characterizing some climate change-related disputes is the possibility of recourse to multiparty arbitrations. The Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) (271) and BITs are silent on the issue of mass claims. (272) However, arbitral tribunals have allowed such claims. Given the fact that several disputes can arise out of the same set of facts and regulatory changes, several non-affiliated investors have attempted to bring their claims in a single proceeding. Mass claims concern different investments, albeit of an analogous type, and arise out of the same background facts and legal issues. From the investors' perspective, multiparty arbitrations can promote procedural efficiency, coherent results and the participation of smaller investors who otherwise could not afford to file any claim. In fact, because investment arbitration can be very expensive, (273) mass claims can provide access to justice for individuals who otherwise could not afford to obtain legal representation before arbitral tribunals. From the state's perspective, mass claims can be cost-effective, avoid duplicate efforts to resolve common issues, and prevent inconsistent awards. However, the same advantages can also constitute disadvantages for the host state. In fact, mass claims prevent the state from improving and adapting its litigation strategies. Since even small investors can join the proceedings, these risk overburdening the competent authorities. Moreover, the existence of parallel disputes allows the state to diversify the risk of losing or winning claims. In other words, the state can make good use of inconsistent awards, filing claims for annulment against those awards that ruled in favor of the investor (at least within the ICSID system). Because of these considerations, generally states have opposed collective proceedings.

For instance, in PV Investors v. Spain, several investors filed an investor-state arbitration against Spain due to the recent regulatory changes in the renewable energy sector. Although Spain agreed to constitute a single arbitral tribunal, it then raised a jurisdictional objection to the claimants' bid to have their claims heard in a "consolidated" fashion. (274) The UNCITRAL Tribunal, however, rejected its objections and affirmed its jurisdiction. (275) Other arbitral tribunals have heard consolidated claims. For instance, the Abaclat Tribunal accepted the first mass claim arbitration consisting of 60,000 Italian bondholders. (276) Argentina argued that consent to arbitration does not extend to mass claims. (277) In debating whether express consent was required or whether general consent in BITs would suffice, the ICSID tribunal took a pragmatic approach. It held that mass claims would be an efficient means of dispute settlement as opposed to considering the investor claims individually. (278) The Tribunal reasoned that it would be contrary to the ICSID and BITs' objective to deny the investors an efficient remedy to the dispute. Subsequent arbitral tribunals have adopted the same approach. (279) As the Alemanni Tribunal puts it, "[C]onsent is not more valid by being given twice, any more than it is less valid for having been given only once." (280)

D. Private v. Public Interest

More substantively, these cases show that climate policies may have a varied impact on different actors. Generally, climate policies benefit the public at large because they reduce greenhouse gases, which not only worsen people's quality of life but can also determine drought, famine, and rising sea levels. In specific cases, there may be mutual supportiveness among climate change-related measures, the economic interests of businesses, and the human rights of local communities. This scenario is enhanced by the recent establishment of state incentives for the promotion of renewable energy and the acknowledged linkage between the green economy and sustainable development. (281)

Yet, climate policies can affect the economic interests of corporations, which need to invest in technological upgrades or even convert a given business to a more eco-friendly economic activity. Even investments in the renewable energy sector entail significant economic risks. In fact, the profitability of clean energy projects often depends on subsidies and feed-in tariffs. There is a risk that "once investments are made, public authorities will be tempted to reconsider their commitments." (282) Cuts in subsidies for renewable energy have been criticized by both investors and environmentalists. These cuts may prevent other investors from investing in a renewable energy sector.

However, cuts in subsidies for renewable energy may be indispensable to prevent a financial crisis with foreseeable impact on the polity of the host state. In this context, the arbitrators will have to take into account the various circumstances--financial crisis, state of necessity, and even human rights considerations--that may eventually justify a change in the relevant regulatory measures.

These cases will contribute to the development of the investment and climate regimes; at the same time, it would be advisable that practitioners and adjudicators take their impact into account. Given the fact that arbitral tribunals often adjudicate issues related to the public interest, an equilibrated approach to interpretation seems demanded by the need to balance the interests of the state and those of the investor. In this regard, some scholars have argued that "preference for one interpretation over another should be based on a comparison of the consequences that would be likely to follow from each interpretation." (283) Among these consequences, the authors include both the flows of foreign direct investment and the realization of human rights and environmental conservation into host states. (284)

For instance, in Continental Casualty v. Argentina, a case arose from measures taken by the state in the wake of its economic crisis in 2001-2002. (285) The Tribunal determined that the non-precluded measures clause (286) should be interpreted as absolving the host state from liability and considered that:

   [T]he Government's efforts struck an appropriate balance between
   th[e] aim of respecting its international obligations and the
   responsibility of any government towards the country's population:
   it is self-evident that not every sacrifice can properly be imposed
   on a country's people in order to safeguard a certain policy that
   would ensure full respect towards international obligations in the
   financial sphere, before a breach of those obligations can be
   considered justified as being necessary under this BIT. The
   standard of reasonableness and proportionality do not require as
   much. (287)

E. The Evolving Role of the European Commission in Investor-State Arbitration

The evolving role of the European Commission in energy-related investor-state arbitrations is part of a larger series of ongoing "thematic dialogues" (on monetary policy, human rights, criminal justice, and security) between public international law and European Union (EU) Law. Whether EU law is just a component of public international law being embedded in and interdependent with the same, or whether it constitutes an autonomous legal order of a quasi-constitutional nature remains a debated issue.

With regard to energy-related disputes, the European Union has played an active and ambitious, albeit controversial, role, seeking permission to intervene as amicus curiae in a number of arbitrations. (288) Amicus curiae briefs create "possibilities for regime interaction." (289) Arbitral tribunals can accept non-party submissions if they consider that such briefs "would assist the tribunal in the determination of a factual or legal issue ... by bringing a perspective, particular knowledge or insight that is different from that of the disputing parties" or "would address a matter within the scope of the dispute." (290)

The move of the European Commission is grounded in two converging recent developments of EU governance. In recent years, the European Commission has "centralize[d] power in the hands of the [European Union]" in matters related to both climate change and foreign direct investments and has moved towards a greater harmonization in both areas. (291) On the one hand, the European Union has "consciously positioned itself as 'leading global action against climate change to 2020 and beyond.'" (292) The renewable energy directive, Directive 2009/28, (293) "establishes a common framework for the promotion of energy from renewable sources and targets for 2020." (294) The directive aims at increasing the percentage share of energy from renewable sources in the European Union's final consumption of energy to 20 percent by 2020. (295) Key drivers of the renewable energy policy include economic competitiveness, climate change mitigation, and energy security. (296) Under the framework, "mandatory national targets have been adopted," (297) and there is "a clear incentive for member states to create the necessary stable policy framework." (298) The Commission can bring infringement proceedings against a member state, if it fails to implement the directive or falls below its target. (299) To meet the targets, the Union acknowledges that investments are necessary. (300) The European Commission has confirmed that "it remains opposed to retroactive changes to renewable energy support schemes, while acknowledging that several Member States like Greece need to reduce their support to renewables in line with ... cost-efficient levels to stabilize the system." (301)

On the other hand, since the 2007 Lisbon Treaty, the European Union has acquired exclusive competence over foreign direct investment. (302) In addition, the European Union and its member states are parties to the ECT. (303) The participation of the European Union in a number of proceedings between EU member states and third countries is required by Regulation (EU) No. 1219/2012 of the European Parliament and of the Council of 12 December 2012, establishing transitional arrangements for BITS between Member States and third countries. (304) Although the European Union does not enjoy a "special procedural status" in investment arbitration, it is clear that it "is not a mere third party to proceedings concerning EU Member States and EU law." (305) In fact, while the European Union can be acting in furtherance of the public interest and a desire of transparency, it has "direct legal interest in the outcome of the dispute." (306)

The European Commission has intervened in a number of intra-EU investor-state arbitrations as amicus curiae, challenging either the arbitral tribunal's jurisdiction or the enforcement of its award. For instance, in Electrabel SA (Belgium) v. Hungary, the Commission intervened as amicus curiae and challenged the Tribunal's jurisdiction under the ECT. The Commission argued that Electrabel, in its capacity as an EU investor challenging an EU measure, should have brought its case before EU courts. The Tribunal dismissed the EU Commission's argument that questions of interpretation of EU law fell exclusively under the jurisdiction of EU courts. It acknowledged that EU member states had agreed to submit questions of interpretation of EU law to the European Court of Justice (ECJ), now the CJEU. The Tribunal concluded, however, that this was not relevant to the case at hand as the claim was brought for a breach of the ECT, not of EU law. (307) So far, arbitral tribunals have generally upheld their jurisdiction, despite the doctrinal debate over the interplay between ECT and EU law. (308)

Against this background, the European Commission has formally sought leave to present arguments in six parallel claims against the Czech Republic being arbitrated under the UNCITRAL procedural rules. (309) These proceedings are brought by investors from the European Union and are based on the ECT and various intra-EU BITs. (310) The Commission has raised "the possibility that these arbitrations may touch upon questions of EU law, and that former benefits and incentives accorded to solar investors could constitute ... state aid that needed to be eliminated in order for the Czech Republic to remain in compliance with EU law." (311) In other words, the measures challenged by foreign investors as breaches of the relevant BIT, could, according to the Commission, be measures that were in furtherance of the country's EU law obligations. Accordingly, concerns arise that "any arbitral award compensating solar investors for losses arising out of the recent rollback of the earlier series of incentives could itself constitute state aid." (312) The move to intervene in the Czech cases forestalled other interventions in subsequent investment arbitrations. (313) In fact, in November 2014, the Commission sought leave to intervene in Charanne and Construction Investments v. Spain and Isolux Infrastructure v. Spain, both under the SCC rules. (314) Non-disputing parties' applications have been filed to intervene in other energy-related ICSID cases against Spain; (315) yet it remains unclear whether these applications have been filed by the Commission.

In an earlier ICSID arbitration, Micula and Others v. Romania, the EU Commission intervened to support Romania's defense stating that "any payment of compensation arising out of this award would constitute illegal state aid under EU law and render the award unenforceable within the EU." (316) However, the Tribunal dismissed the argument, pinpointing that any ICSID award is binding and should be recognized and enforced without review by national courts. (317)

While the Commission has never published any of its applications to intervene or briefs themselves, it considers intra-EU investor--state arbitration incompatible with the EU legal order. According to the Commission the ECT cannot provide a basis for arbitration of intra-EU disputes because such disputes should be brought before the EU courts and tribunals." (318) Rather, in the Commission's view, the ECT would create obligations "only between the Union and its Member States on the one hand and each of the other non-EU countries on the other." (319)

The ECT, however, "contains no explicit disconnection provision." (320) Therefore, the question is whether there may be an implicit disconnection clause--a disconnection clause that should be inferred in the ECT based on treaty interpretation. While both EU member states and the European Union have ratified the ECT, the Commission seems to suggest that this was due to the fact that, at the time, the European Union did not have competence in the field of foreign direct investment. According to the Commission, the ratification of the ECT does not relieve member states from the obligations of EU law and from the jurisdiction of EU courts in settling energy disputes arising within the European Union. (321)

The argument of an implicit disconnection clause has not persuaded arbitral tribunals. For instance, in Electricite de France (EDF) [upsilon]. Hungary, a still-unpublished award, the Tribunal reportedly "affirmed jurisdiction over and awarded damages in relation to alleged violations of the ECT ... notwithstanding an intervention by the European Commission that had contested the tribunal's jurisdiction over the claims." (322) In parallel, reportedly, "a pair of arbitral tribunals [has] deemed it premature for the European Commission to present written arguments in two [renewable energy-related] pending arbitrations." (323) In another case, after failing to persuade arbitral tribunals to decline jurisdiction over intra-EU claims, the Commission enjoined the host state from paying the relevant arbitral award. (324)


Climate change and foreign direct investments have traditionally been dealt with through separate sub fields of international law. Rules belonging to different legal frameworks can conflict. Is international law a fragmented system where norms produced in one of its subfield can be neglected in another? How can arbitral tribunals address conflicts of norms? Is there a way to find a suitable balance between the public interest and investors' entitlements? This Part examines these questions by adopting a two-fold approach. First, this Part will consider the steps that can be adopted de lege ferenda (the law as it should be in the future) for improving the synergy between international investment law and climate change law. Second, this Part will consider the panoply of options that adjudicators may take into account de lege lata (the law as it currently exists) when settling climate change-related investment disputes.

A. De Lege Ferenda

Is there a need for specific amendments to BITs to accommodate environmental concerns, including climate change? In abstract terms, there is a general compatibility between different international law instruments, and many apparent conflicts of norms can be solved via treaty interpretation. Most investment treaties do not include reference to environmental concerns in general or climate change in particular; they tend to be short treaties that include the standards of treatment and a clause on dispute settlement. This does not mean that environmental concerns are completely irrelevant to international investment law and arbitration.

Although not strictly indispensable, some steps can be adopted de lege ferenda for improving the mutual supportiveness between international investment law and climate change law. In recent years, international investment law has gone through a phase of rebalancing aimed at re-empowering states and aligning investment protection with other policy objectives. (325) Recent investment treaties have expressly included reference to climate change in their preambles (326) or have included environmental measures in carve-outs. General carve outs clarify that bona fide regulation designed and applied to protect public welfare objectives, such as protecting the environment, does not amount to indirect expropriation. (327) The inclusion of a provision on general exceptions can allow states to adopt, inter alia, environmental measures. (328) Certainly climate change is an environmental concern. More specific provisions exclude environmental measures from the scope of the dispute settlement mechanism under the treaty. (329) The Energy Charter Treaty adopts a something-in-between approach as it refers to climate change in its preamble (330) and other provisions. (331) Reference to common concerns such as climate change and/or multilateral environmental agreements in the preambles of international investment agreements is a welcome move as it can foster cross-pollination of ideas and an increased coherence between different branches of international law. The same is true for carve outs and general exceptions.

Given the fact that renegotiating investment treaties is a lengthy process, however, some scholars and practitioners have proposed the adoption of a multilateral declaration to enhance the coherence between international investment law and the climate change regime. (332) According to these authors, the multilateral declaration would clarify that international investment treaties do not constrain climate change measures enacted in good faith. As is well known, at the World Trade Organization, a similar declaration was adopted--the Doha Declaration on the TRIPS Agreement and Public Health (333)--to clarify the interplay between the protection of intellectual property and public health. Yet, this has not prevented states from bringing a number of disputes on different aspects of that interplay. Therefore, it may be more appropriate for states--which are the masters of their treaties--to issue binding interpretations. (334) For instance, this has already been done in the context of NAFTA with regard to the interpretation of the fair and equitable treatment clause. (335)

B. De Lege Lata

This section examines the legal mechanisms that can help arbitrators adjudicate climate change-related disputes. While existing investment rules often do not explicitly address the complexities of climate change, they can be interpreted to take climate concerns into account in their operation. The section first addresses the question as to whether security exceptions could be interpreted in an evolutive manner so as to justify climate policies affecting investors' rights. It then assesses whether general treaty rules on hierarchy--namely lex posterior derogat priori (336) and lex specialis derogat generali--(337) may be adequate to govern the interplay between climate change law and international investment law. It concludes considering how customary rules of treaty interpretation as restated by the Vienna Convention on Law of Treaties (VCLT) allow arbitrators to take other international law norms into account when interpreting investment treaties.

While most BITs do not have a general exception clause, some include security exceptions to protect the public order and essential security interests. Although some such clauses adopt an expressly military framing, and therefore would be inapposite to shield climate change measures, (338) others adopt a looser wording, which may be susceptible of evolutionary interpretation. In other words, the term "security" could be interpreted in an evolutionary manner so as to include "climate security." While some tribunals have interpreted the security exceptions in a restrictive fashion by relying on customary law, (339) other tribunals have expanded the meaning of security to include phenomena in addition to and beyond military threats. Therefore, one may wonder whether such security exceptions may be interpreted to include climate security.

Is climate change a security issue? Admittedly, "the language of calamity, urgency [and crisis] ... has pervaded discussions of climate change for ... decades." (340) The Security Council expressed its concern that "possible adverse effects of climate change may, in the long run, aggravate certain existing threats to international peace and security." (341) Climate change has been viewed as a "threat multiplier which exacerbates existing ... tensions and instability ... threatening] to overburden states and regions which are already fragile and conflict prone." (342) Global water wars and climate refugees are depicted as "security threats." (343) The President of the UN General Assembly recently described climate change as a threat "rivaled in its cataclysmic effects only by thermonuclear conflict." (344) However, while climate change is a "potentially disastrous" "long-term problem and process," its "prospective and impending" nature, (345) rightly or wrongly, could not be perceived as requiring an immediate action.

Certainly, in some cases, security exceptions have been interpreted extensively to include financial crisis. For instance in LG&E v. Argentina, (346) the Arbitral Tribunal rejected the argument of the claimants that Article XI of the US-Argentina BIT should be interpreted narrowly. (347) Article XI of the US-Argentina BIT provides: "This Treaty shall not preclude the application by either Party of measures necessary for the maintenance of public order, the fulfilment of its obligations with respect to the maintenance or restoration of international peace or security, or the protection of its own essential security interests." (348) While the claimant contended that "Article XI is not applicable in the case of an economic crisis because the public order and essential security interests elements are intentionally narrow in scope, limited to security threats of a physical nature," (349) Argentina defended the measures it implemented "as necessary to maintain public order and protect its essential security interests," contending that the financial crisis "constitute [d] a national emergency sufficient to invoke the protections of Article XI." (350) In particular, Argentina contended that the measures it had implemented were necessary to protect public order by pointing to "numerous reports of waves of sudden economic catastrophe, massive strikes involving millions of workers, fatal shootings, the shutdown of schools, businesses, transportation, energy, banking and health services, demonstrations across the country, and a plummeting stock market, culminating in a 'final massive social explosion' in which five presidential administrations resigned within a month." (351)

De lege lata, the International Law Commission (ILC) recommends a toolbox of techniques to deal with conflicting norms. (352) General treaty rules on hierarchy--namely lex posterior derogat priori (353) and lex specialis derogat generali--(354) may not be wholly adequate to govern the interplay between treaty regimes because the given bodies of law do not exactly overlap; rather, they have different scopes, aims, and objectives. (355)

However, this does not mean that climate law considerations are irrelevant. If the applicable law is domestic law that incorporates climate law, climate law considerations can be taken into account. Moreover, when interpreting a treaty, arbitrators can take account of other international obligations of the parties according to customary rules of treaty interpretation as restated by the Vienna Convention on Law of Treaties (VCLT). (356) Pursuant to Article 31(3)(b) of the Vienna Convention on the Law of Treaties, treaty interpretation should take into account "any subsequent practice in the application of the treaty." Moreover, pursuant to Article 31(3)(c) of the same Convention, "[t]here shall be taken into account, together with the context: [...] any relevant rules of international law applicable in the relations between the parties." Therefore, this provision properly expresses the principle of systemic integration within the international legal system, indicating that treaty regimes are themselves creatures of international law. (357) That is how the climate change international obligations of states can be considered in the adjudication of disputes before investment arbitral tribunals.

Multilateral Environmental Agreements' (MEAs) provisions have been used to interpret specific investment treaty standards. For instance, in the Chemtura v. Canada case, (358) the Arbitral Tribunal expressly referred to a number of environmental treaties to evaluate the toxicity of a given chemical. In Parkerings u. Lithuania, the fact that the investment would have affected a World Heritage Site protected under the World Heritage Convention was a sufficient condition for distinguishing the project from another, thus precluding the claim of discrimination. (359) The Tribunal took the relevant MEA into account to deny state liability for an alleged discrimination. (360)

In other cases, however, fragmentation and increasingly narrow specialization sometimes produced awards that suffered from failing to situate their analyses within the wider legal or contextual frame of reference. For instance, in Myers u. Canada, Myers, a U.S. company engaged in Polychlorinated Biphenyl (PCB) waste disposal brought an investment treaty arbitration against Canada for its ban on exports of hazardous PCB waste from Canada to the United States. The Arbitral Tribunal held that Canada's export ban was designed to favor Canadian waste companies and did not sufficiently take into account the fact that Canada was a party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal. (361) The Basel Convention prohibits the import and export of hazardous wastes from and to countries that are not a party to the Convention. The United States was not a party to the Convention at the time of Canada's ban. Therefore, this should have been taken into account by the Arbitral Tribunal when considering the legitimacy of the export ban.

The interaction between international investment law and other sets of law raises the question as to whether the former is a "self-contained regime." The increased proliferation of treaties and specialization of different branches of international law make some overlapping between the latter unavoidable. However, "international investment law has its roots in general international law, despite its undeniable specificity," (362) and

   [it] is not a self-contained closed legal system limited to provide
   for substantive material rules of direct applicability, but it has
   to be envisaged within a wider juridical context in which rules
   from other sources are integrated through implied incorporation
   methods, or by direct reference to certain supplementary rules,
   whether of international law character or of domestic law nature.


Climate is a global public good that defies traditional notions of territorial sovereignty. Climate is a common and shared resource that is both beyond and within the jurisdiction of every state. Because climate change is a common concern of mankind and can affect populations regardless of state boundaries, a regime complex governs various aspects of the same. To a large extent, various institutions are recognizing the linkages between climate mitigation and the promotion of foreign direct investments and beginning to formulate responses; and this development is encouraging.

What effect can international investment law have on the current efforts to mitigate climate change? The answer to this question is double-edged. On the one hand, international investment law and arbitration may have a positive effect, encouraging investments in renewable technologies and preventing governments from retreating from previous commitments. On the other hand, international investment law and arbitration may have a negative effect on climate mitigation, especially if the state adopts stricter environmental regulations, which can affect investments in the energy sector. In fact, foreign investors can challenges such regulatory measures before arbitral tribunals claiming that they violate investment treaty provisions.

This Article has contributed to mapping the interplay between foreign direct investment and climate change, exploring the recent boom of investment treaty arbitrations in the field. Foreign investors can and have filed claims against the host state alleging that energy policies adopted by the latter amount to a disguised discrimination against their investment or other breaches of investment treaty provisions. Two types of disputes have emerged: the first type concerns the dramatic regulatory change governing renewable energy in the aftermath of the financial crisis. The emergency measures undertaken in response to the global financial crisis have triggered a wave of investment disputes against states for potential breaches of investment treaty provisions, due to the negative impact of emergency measures on investments in the renewable energy sector. The second type of disputes relates to the adoption of climate change mitigation measures, which can be perceived as affecting the economic value of foreign investments in other sectors. The Article has also offered some legal tools for reconciling energy policies with other economic and noneconomic interests.

While arbitral tribunals are not the best forum to adjudicate climate-related disputes, due to their limited mandate and their uneven consideration of environmental concerns in the past, they can contribute to global climate governance. Investment treaty arbitration can provide private actors a useful tool to access justice at the international level and to obtain compensation in case of mistreatment by the host state. At the same time, investment treaty arbitration should not be perceived as a tool to enforce other treaty regimes, as this was not the intention of its founders and could raise more legitimacy concerns than it helps to solve.

Investing in clean energy can mitigate climate change, bring significant economic benefits, and contribute to the commonwealth. Yet, this Article has shown that while foreign direct investment and climate change mitigation are capable of mutually reinforcing each other, the different branches of international law governing this interplay have different underlying philosophies and priorities. Therefore, equilibrium should be sought between climate change mitigation and foreign direct investments in order to reinforce possible synergies in each of these regimes. Whether this is possible in international investment law and arbitration remains to be seen. Certainly, some redrafting and appropriate interpretation of the relevant investment treaties would allow for the consideration of the public interest.

Valentina Vadi, Professor of International Economic Law, Lancaster University, United Kingdom. Emile Noel Postdoctoral Fellow, New York University (2013-2014); Marie Curie Postdoctoral Fellow, Maastricht University (2011-2013); PhD and M. Res., European University Institute; M. Jur., University of Oxford; J.D. and M. Pol. Sc., University of Siena. This Article was presented at City University of London on 11 March 2015. The research leading to these results has received funding from the European Research Council under the European Union's ERC Starting Grant Agreement n. 639564. The Article reflects the author's views only and not necessarily those of the Union. The author wishes to thank Mauro Barelli, Emily Den, Sophia Kopela, Elisa Morgera, Emanuela Orlando, Jennifer Stanley, Seline Trevisanut, and participants at the conference for helpful comments on an earlier draft. The usual disclaimer applies.

(1.) See NAOMI KLEIN, THIS CHANGES EVERYTHING: CAPITALISM VS. THE CLIMATE 13-14 (2014) (highlighting possible repercussions resulting from climate change, including crop depletion, droughts, flooding, wildfires, and disease).

(2.) See U.N. High Commissioner for Human Rights (UNHCHR), Report of the Office of the United Nations High Commissioner for Human Rights on the Relationship Between Climate Change and Human Rights, [paragraph] 5, U.N. Doc. A/HRC/10/61 (Jan. 15, 2009), OpenElement [] (archived Sept. 19, 2015) (defining climate change as "a change of climate which is attributed directly or indirectly to human activity that alters the composition of the global atmosphere and which is in addition to natural climate variability observed over comparable time periods").

(3.) See Sumudu Atapattu, Climate Change, Differentiated Responsibilities and State Responsibility: Devising Novel Legal Strategies for Damage Caused by Climate Change, in CLIMATE LAW AND DEVELOPING COUNTRIES 37 (Benjamin J. Richardson et al. eds., 2009); see also Ann Powers & Christopher Stucko, Introducing the Law of the Sea and the Legal Implications of Rising Sea Levels, in THREATENED ISLAND NATIONS: LEGAL IMPLICATIONS OF RISING SEAS AND A CHANGING CLIMATE 123, 123-24 (Michael B. Gerrard & Gregory E. Wannier eds., 2013) ("Presidents of ... inhabited islands are abandoning their homes as rising tides continue to render more land uninhabitable.").

(4.) See generally Thomas Cottier & Sofya Matteotti-Berkutova, International Environmental Law and the Evolving Concept of Common Concern of Mankind, in INTERNATIONAL TRADE REGULATION AND THE MITIGATION OF CLIMATE CHANGE 21-47 (Thomas Cottier et al. eds., 2009).

(5.) See Robert O. Keohane & David G. Victor, The Regime Complex for Climate Change, DISCUSSION PAPER 10-33 1 (2010) (defining "regime complex" as "a loosely coupled set of specific regimes").

(6.) See discussion infra Sections III, IV (providing specific examples of regional, national, and international laws and how they function separately and together).

(7.) Elinor Ostrom, A Polycentric Approach for Coping with Climate Change, BACKGROUND PAPER TO THE 2010 WORLD DEVELOPMENT REPORT ABS. (2009).

(8.) See Andrew Newcombe, Sustainable Development and Investment Treaty Law, 8 J. WORLD INV. & TRADE 357, 357-360 (2007) (examining the linkage between international investment law and sustainable development). See generally BRADLEY CONDON & TAPEN SINHA, THE ROLE OF CLIMATE CHANGE IN GLOBAL ECONOMIC GOVERNANCE (1st ed. 2013).

(9.) This scenario combines different elements from various investment arbitrations. See discussion infra Part VI (providing an in-depth analysis of pending investment disputes).

(10.) For an historical overview, see generally ANDREAS LOWENFELD, INTERNATIONAL ECONOMIC LAW 469-94 (2d ed. 2008); Andrew Newcombe & Lluis PARADELL, LAW AND PRACTICE OF INVESTMENT TREATIES l (2009); JESWALD W. SALACUSE, THE LAW OF INVESTMENT TREATIES (1st ed. 2010); M. SORNARAJAH, THE INTERNATIONAL LAW ON FOREIGN INVESTMENT 19-28 (3d ed. 2010). See generally JOSE E. ALVAREZ, THE PUBLIC INTERNATIONAL LAW REGIME GOVERNING INTERNATIONAL INVESTMENT (2011) (arguing that the international community has only recently determined that international rules are essential for governing foreign direct investment).

(11.) See generally UNCTAD, World Investment Report 2011 (2011) (explaining that the number of international investment agreements continues to grow, adding complexity to the global investment regime).


(13.) James Harrison, The Case for Investigative Legal Pluralism in International Economic Law Linkage Debate: A Strategy for Enhancing the Value of International Legal Discourse, 2 LONDON REV. INT'L LAW 115-45 (2014).

(14.) See Daniel M. Firger & Michael B. Gerrard, Harmonizing Climate Change Policy and International Investment Law: Threats, Challenges and Opportunities, Y.B. INT'L INV. L. & POL'Y 1 (Karl P. Sauvant ed., 2011) (discussing how national and transnational regulations often conflict with international investment laws); Stephan W. Schill, Do Investment Treaties Chill Unilateral State Regulation to Mitigate Climate Change?, 24 J. INT'L ARB. 469, 469-77 (2007) (discussing the question as to whether investment governance can chill unilateral state regulation to mitigate climate change); Freya Baetens, Foreign Investment Law and Climate Change, 6-9 (Sustainable Development Law on Climate Change Legal Working Paper Series, Paper No. 1, 2010) (analyzing the relationship between the Kyoto Protocol and foreign investments).

(15.) See Rolf-Bernhard Essig, Climate, Eco and Green Technology: How Environmental Problems Are Reflected in Language, prj/kuk/the/kul/esll261797.htm [] (archived Sept. 19, 2015) ("When people in Ancient Greece referred to 'klima', they did not mean a combination of temperature, air pressure, wind speed, humidity and hours of sunshine: they meant the tilt of the Earth's axis.").

(16.) NASA, Administrator, NASA--What's the Difference Between Weather and Climate?, NASA (Feb. 1, 2005), climate_weather.html [] (archived Sept. 19, 2015) (defining climate as "the average of weather over time and space").

(17.) See Tomer Broude, Warming to Crisis: The Climate Change Law of Unintended Opportunity, NETH. Y.B. INT'L LAW 111, 116 (2013) ("[C]limate change mitigation [is] deemed 'a quintessential global public good' that presents itself to many ... as an almost prototypical collective action problem."); Timothy Meyer, Global Public Goods, Governance Risk, and International Energy, 22 DUKE J. COMP. & INT'L L. 319, 323 (2012) ("Mitigating climate change is an example of a public good."); Todd Sandler, Intergenerational Public Goods, in GLOBAL PUBLIC GOODS--INTERNATIONAL COOPERATION in the 21st CENTURY 2 (Inge Kaul et al. eds., 1999) (discussing intergenerational public goods (i.e. assets that generate benefits for subsequent generations)). See generally SCOTT BARRETT, WHY COOPERATE?: THE INCENTIVE TO SUPPLY GLOBAL PUBLIC GOODS (2010) (explaining that the challenges in encouraging states to mitigate climate change are in part a result of the tragedy of the commons).

(18.) See Inge Kaul et al., Defining Global Public Goods, in GLOBAL PUBLIC GOODS, supra note 17, at 2-3 (1999).

(19.) See Manuel Velasquez et al., The Common Good, 5 ISSUES IN ETHICS 1, 1 (1992).

(20.) See Paul Samuelson, The Pure Theory of Public Expenditure, 36 REV. ECON. & STATS. 387 (1954).

(21.) See generally Severine Deneulin & Nicholas Townsend, Public Goods, Global Public Goods and the Common Good, 34 INT'L J. SOC. ECON. 19 (2007).

(22.) See Ronald H. Coase, The Lighthouse in Economics, 17 J.L. & ECON. 357, 357-76 (1974) (asserting that a lighthouse is a public good because ships do not pay for the benefit provided to them from privately-funded operation of the lighthouse).

(23.) See Kaul, supra note 18, at 3. See generally Hari M. Osofsky, Is Climate Change 'International'? Litigation's Diagonal Regulatory Role, 49 VIRGINIA J. INT'L L. 585 (2009).

(24.) Michele B. Battig & Thomas Bernauer, National Institutions and Global Public Goods: Are Democracies More Cooperative in Climate Change Policy?, 63 INT'L ORG. 281, 281 (2009).

(25.) U.N. Industrial Development Organization (UNIDO), Public Goods for Economic Development, at 6 (2008), Publications/documents/Public% 20goods%20for%20economic%20development_sale.pdf [] (archived Sept. 20, 2015).

(26.) See id. at 1.

(27.) See Asif Efrat, A Theory of Internationally Regulated Goods, 32 FORDHAM INT'L L.J. 1466, 1467 (2009).

(28.) See Kaul, supra note 18, at 6-9.

(29.) The Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) was adopted at the third session of the Conference of the Parties (COP 3) in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. Although 192 countries have ratified the protocol, the United States has not. Kyoto Protocol to the United Nations Framework Convention on Climate Change, Dec. 10, 1997, U.N. Doc. CCC/CP/1997/7/Add.l, 37 I.L.M 22 (1998) [hereinafter Kyoto Protocol], [] (archived Sept. 20, 2015).

(30.) Eric A. Posner & Alan O. Sykes, Efficient Breach of International Law: Optimal Remedies, "Legalized Noncompliance" and Related Issues, 110 MICH. L. REV. 243, 243 (2011).

(31.) See generally Eric A. POSNER & DAVID WEISBACH, CLIMATE CHANGE JUSTICE (2010); Tyler Cowen, Public Goods, in THE CONCISE ENCYCLOPEDIA OF ECONOMICS (Terry E. Anderson ed., 2005), PublicGoods.html [] (archived Sept. 20, 2015).

(32.) Garrett Hardin, The Tragedy of the Commons, 162 SCI., Dec. 13, 1968, at 1244 (discussing the rational human tendency to exploit a common good).

(33.) See Broude, supra note 17, at 116-17 ("[T]he challenge of mobilizing the global community to reduce GHG [Greenhouse Gases] emissions represents a classic tragedy of the commons....") (internal citation omitted).

(34.) See Kaul, supra note 18, at 7-8.

(35.) See id. at 7 (illustrating the prisoner's dilemma).

(36.) Id.

(37.) Id.

(38.) Id.

(39.) See id. at 8 ("In a national context the solution to market failures and collective action problems is often to bring the state in to improve conditions for cooperation.... ").



(42.) According to Ohlin, states make rational decisions regarding strategy in light of strategies selected by other states, thus generating Nash equilibria and, ultimately, a stable social contract. See Jens D. Ohlin, Nash Equilibrium and International Law, 96 CORNELL L. REV. 869, 876 (2011) ("A Nash equilibrium functions as a kind of focal point, where participants in the game gravitate toward a particular legal norm and choose 'compliance' as their strategy if and only if the other players in the game are also choosing compliance as their strategy.").

(43.) See generally id. (discussing how legal regulations can affect efficiency and cooperation in a Nash Equilibrium model).

(44.) See id. at 878.

(45.) Douglas Main, How Iceland Is Benefiting from Climate Change, NEWSWEEK (Nov. 2, 2014), [] (archived Sept. 20, 2015) (noting that "[m]uch of the growth in forestry is made possible by warming").

(46.) See Charlotte McDonald-Gibson, Climate Change Prompts European 'Mackerel Wars', ALASKA DISPATCH, NEWS (July 30, 2013), 20130730/zclimate-change-prompts-european-mackerel-wars [] (archived Sept. 20, 2015) ("For a short time at least, growing fish stocks in European waters can be counted among the rare positive side effects of climate change, especially for the Icelandic fishermen.... ").

(47.) Elisabeth Rosenthal, Race Is on as Ice Melt Reveals Arctic Treasures, N.Y. TIMES (Sept. 18, 2012), resources-exposed-by-warming-set-off-competition.html?_r=1 [] (archived Sept. 20, 2015).

(48.) The United Nations Framework Convention on Climate Change (UNFCCC) was adopted on May 9, 1992 in Rio de Janeiro, opened for signature on June 20, 1992, and came into force on March 21, 1994. 1771 U.N.T.S. 107, S. Treaty Doc. No. 102-38 (1992), U.N. Doc. A/AC.237/18 (Part II)/Add.l, 311.L.M. 849, Preamble (1992) [hereinafter UNFCC], [http://] (archived Sept. 20, 2015).

(49.) See Jay Williams, The Impact of Climate Change on Indigenous Peoples--The Implications for the Cultural, Spiritual, Economic and Legal Rights of Indigenous Peoples, 14 INT'L J. HUM. RTS. 648 (2012).

(50.) See Mariya Gromilova, Revisiting Planned Relocation as a Climate Change Adaptation Strategy: The Added Value of a Human Rights-Based Approach, 10 UTRECHT L. REV. 76, 80-94 (2014) (discussing the impact of relocations and evictions on the rights of indigenous people to self-determination, development, adequate housing, and education).

(51.) See Margaux J. Hall & David C. Weiss, Avoiding Adaptation Apartheid: Climate Change Adaptation & Human Rights Law, 39 YALE J. INT'L L. 309, 309 (2012) (noting the obligation of states to ensure the cultural and social rights of indigenous people when implementing environment-friendly laws); Ole W. Pedersen, The Janus-Head of Human Rights and Climate Change: Adaptation and Mitigation, 80 NORDIC J. INT'L LAW 403, 408-09 (2011) ("[S]tates will have to take human rights provision[s] into consideration when they seek to implement specific solutions in the name of climate change.").

(52.) U.N. Environmental Programme (UNEP), Climate Change Factsheet: An Overview, [ H6RY-MFAR] (archived Sept. 20, 2015).

(53.) See, e.g., NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION (NOAA) WEATHER Service, Climate Change 1 (2007), climate/Climatechange.pdf [] (archived Sept. 20, 2015) ("The geologic record includes significant evidence for large-scale climate changes in Earth's past.").

(54.) See id. ("The last decade of the 20th Century and the beginning of the 21st have been the warmest period in the entire global instrumental temperature record, starting in the mid-19th century.").

(55.) See Gian-Reto Walther et al., Ecological Responses to Recent Climate Change, 416 NATURE 389, 389 (2002) (noting that climate change has spurred "ecological change[s] across systems").

(56.) See G.A. Res. 43/53, [paragraph] 1, U.N. Doc. A/RES/43/53 (Dec. 6, 1988) ("[C]limate change is a common concern of mankind, since climate is an essential condition which sustains life on earth."); Frank Biermann, "Common Concern of Humankind": The Emergence of a New Concept of International Environmental Law, 34 ARCHIV DES VOLKERRECHTS 426, 426 (1996) (noting that climate change and other environmental issues such as biological diversity have been regarded as a "common concern of mankind."). See generally Jutta Brunnee, Common Areas, Common Heritage, and Common Concerns, in THE OXFORD HANDBOOK OF INTERNATIONAL ENVIRONMENTAL LAW 550-73 (2007) (Daniel Bodansky et al. eds., 2007) ("The concept of common concern of humankind ... relates to global environmental problems, like climate change or the conversation of biological diversity, that can only be resolved if states collaborate.").

(57.) See, e.g., Theodor Meron, Common Rights of Mankind in Gentili, Grotius and Suarez, 85 A.J.I.L. 110, 113-14 (1991).

(58.) See generally Bruno Simma, From Bilateralism to Community Interests in International Law, 250 RECUEIL DES COURS 217 (1994).

(59.) See PATRICIA BIRNIE ET AL., INTERNATIONAL LAW & THE ENVIRONMENT 130 (3d ed. 2009) ("[I]nsofar as states continue to enjoy sovereignty over their own natural resources and the freedom to determine how they will be used, this sovereignty is not unlimited or absolute, but must now be exercised within the confines of ... global responsibilities....").

(60.) UNFCC, supra note 48, preamble.

(61.) Id.

(62.) Id. preamble.

(63.) See generally G.A. Res. 44/228, U.N. Doc. A/RES/44/28 (Dec. 22, 1989); G.A. Res. 43/53, U.N. Doc. A/RES/43/53 (Dec. 6, 1988); G.A. Res. 44/207, U.N. Doc. A/RES/44/207 (Dec. 22, 1989); G.A. Res. 45/212, U.N. Doc. A/RES/45/212 (Dec. 21, 1990); G.A. Res. 46/169, U.N. Doc. A/RES/46/169 (Dec. 19, 1991) (all supporting the protection of global climate for present and future generations of mankind).

(64.) See Thomas Cottier, The Emerging Principle of Common Concern: A Brief Outline 8 (NCCR Trade Regulation, Working Paper 2012/20, 2012) (highlighting that "[t]he concept of Common Concern was introduced to foster international cooperation and shared responsibility in combating global warming and addressing the challenges of climate change.").

(65.) See Nele Matz, The Common Interest in International Law: Some Reflections on Its Normative Content, 62 ZEITSCHRIFT FUR AUSLANDISCHES OFFENTLICHES RECHT UND VOLKERRECHT--HEIDELBERG J. INT'L L. 17, 19 (2002) (noting that "[t]he common interest, although not or not yet being a clear enough principle of law, is already more than an empty political phrase.").

(66.) Id.

(67.) Id.

(68.) See Dinah Shelton, Common Concern of Humanity, 1 IUSTUM AEQUUM SALUTARE 33, 33 (2009).

(69.) Id. at 34.

(70.) See id.

(71.) See U.N. Convention on the Law of the Sea, art. 136 (Dec. 10, 1982) (recognizing that "[t]he Area and its resources are the common heritage of mankind"). See generally Agreement Governing the Activities of States on the Moon and Other Celestial Bodies, 1363 U.N.T.S. 3, art. 11 (Dec. 5, 1979) (proclaiming that "[t]he Moon and its natural resources are the common heritage of mankind....").


(73.) See Convention on the Protection and Promotion of the Diversity of Cultural Expressions, Records of the General Conference, UNESCO at 83, (Oct. 20, 2005) (recognizing that "cultural diversity forms a common heritage of mankind"); Francesco Francioni, Beyond State Sovereignty: The Protection of Cultural Heritage as a Shared Interest of Humanity, 25 MICH. J. INT'L L. 1209 (2004).

(74.) Shelton, supra note 68, at 35 (noting that "[c]ommon concerns ... are not spatial").

(75.) Convention on Biological Diversity, pmbl., June 6, 1992, 1760 UNTS 79.

(76.) Shelton, supra note 68, at 37; Convention to Combat Desertification in Those Countries Experiencing Serious Drought and/or Desertification, Particularly in Africa, June 17, 1994, 33 I.L.M. 1328.

(77.) See KEMAL BASLAR, THE CONCEPT OF THE COMMON HERITAGE OF MANKIND IN INTERNATIONAL LAW xxi (1998) (examining the notion of common heritage of humanity); Graham Nicholson, The Common Heritage of Mankind and Mining: An Analysis of the Law as to the High Seas, Outer Space, the Antarctic and World Heritage, 6 N.Z. J. ENVTL. L. 177, 178 (2002) (scrutinizing how the law governs the exploitation of natural resources within areas defined as "common heritage" of humanity).

(78.) A. Pardo, Ocean, Space and Mankind, 6 THIRD WORLD Q. 559 (1984) (highlighting the revolutionary nature of the notion of common heritage).

(79.) Shelton, supra note 68, at 40.

(80.) Id.

(81.) Id. at 38.

(82.) Id.

(83.) Tullio Treves, Introduction, in FOREIGN INVESTMENT, INTERNATIONAL LAW AND COMMON CONCERNS 1, 3 (Tullio Treves et al. eds., 2014) (adding that the concept of common concern "permits various and sometimes surprising interpretations").

(84.) Id. at 6 (referring to international investment law and arbitration).

(85.) Derek Bell, Climate Change and Human Rights, CLIMATE CHANGE 4(3) 159-70, 159 (2013) (noting that "[h]uman rights have not played a significant role in the international law and politics of climate change to date.").

(86.) Id. (highlighting that "there has been increasing interest among legal scholars and moral and political philosophers in a human rights approach to climate change."). See generally STEPHEN HUMPHREYS, HUMAN RIGHTS AND CLIMATE CHANGE (2010); Daniel Bodansky, Introduction: Climate Change and Human Rights: Unpacking the Issues, 38 GA. J. INT'L & COMP. L. 511 (2010); John H. Knox, Linking Human Rights and Climate Change at the United Nations, 33 HARV. ENVTL. L. REV. 477 (2009); Lavanya Rajamani, The Increasing Currency and Relevance of Rights-Based Perspectives in International Negotiations on Climate Change, 22 J. ENVTL. L. 391 (2010); John Lee, The Underlying Legal Theory to Support a Well-Defined Human Right to a Healthy Environment as a Principle of Customary International Law, 25 COLUM. J. ENVTL. L. 283 (2000); Marc Limon, Human Rights Obligations and Accountability in the Face of Climate Change, 38 GA. J. INT'L & COMP. L. 50 (2010).

(87.) Human Rights Council Res. 7/23 (Mar. 28, 2008); Human Rights Council Res. 10/4, U.N Doc. A/HRC/RES/10/4 (Mar. 25, 2009) (focusing specifically on human rights and climate change).

(88.) See James W. Nickel, The Human Right to a Safe Environment: Philosophical Perspectives on Its Scope and Justification, 18 YALE J. INT'L L. 281 (1993).

(89.) On the right to a healthy environment, see generally Sumudu Atapattu, The Right to a Healthy Life or the Right to Die Polluted? The Emergence of a Human Right to a Healthy Environment Under International Law, 16 TUL. ENVTL. L. J. 65 (2002); Jennifer A. Downs, A Healthy and Ecologically Balanced Environment: An Argument for a Third Generation Right, 3 DUKE J. COMP. & INT'L L. 351 (1993); Melissa Fung, The Right to a Healthy Environment: Core Obligations Under the International Covenant on Economic, Social and Cultural Rights, 14 WILLAMETTE J. INT'L L. & DISP. RESOL. 97 (2006); Iveta Hodkova, Is There a Right to a Healthy Environment in the International Legal Order?, 7 CONN. J. INT'L L. 65 (1991); James T. McClymonds, The Human Right to a Healthy Environment: An International Legal Perspective, 37 N.Y.L. SCH. L. REV. 583 (1992); Dinah Shelton, Human Rights, Health and Environmental Protection: Linkages in Law and Practice, 1 HUM. RTS. & INT'L LEGAL DISCOURSE 9 (2007).

(90.) See Philip Alston, A Third Generation of Solidarity Rights: Progressive Development or Obfuscation of International Human Rights Law?, 29 NETH. INT'L L. Rev. 307, 307-22 (1982).

(91.) See Ben Saul, In the Shadow of Human Rights: Human Duties, Obligations, and Responsibilities, 32 COLUM. HUM. RTS. L. REV. 565, 599 (2001).

(92.) See, e.g, U.N Conference on the Human Environment, Stockholm Declaration, [paragraph] 1 (June 16, 1972) ("Man has the fundamental right to freedom, equality and adequate conditions of life, in an environment of a quality that permits a life of dignity and well-being, and he bears a solemn responsibility to protect and improve the environment for present and future generations.").

(93.) Minors Oposa v. Sec'y. of the Dep't of Env't. & Nat. Res., 33 I.L.M. 173 (S.C., July 30, 1993) (Phil.). For commentary, see BRIGIT C.A. TOEBES, The RIGHT TO HEALTH AS A HUMAN RIGHT IN INTERNATIONAL LAW (1999).

(94.) G.A. Res. 18/22, U.N. Doc. A/HRC/Res/18/22 at 2 (Oct. 17, 2011) (listing "the right to life, the right to adequate food, the right to the highest attainable standard of health, the right to adequate housing, the right to self-determination, and the right to safe drinking water and sanitation."); Simon Caney, Climate Change, Human Rights and Moral Thresholds, in HUMAN RIGHTS AND CLIMATE CHANGE 69-90 (Stephen Humphreys ed., 2010).

(95.) Navi Pillay, Opening Remarks at the Human Rights Council Seminar, The Adverse Impacts of Climate Change on the Full Enjoyment of Human Rights (Feb. 23, 2012) ("Slowly and incrementally, land will become too dry to till, crops will die, rising sea levels will flood coastal dwellings and spoil freshwater, species will disappear, and livelihoods will vanish.").

(96.) See id.

(97.) See generally Laura Westra, Environmental Justice and the Rights of Ecological Refugees (2009) (noting that climate change is increasingly leading to the displacement of populations from their homelands, and that there is currently no protection in international law for people made refugees by such means).

(98.) Owen Cordes-Holland, The Sinking of the Strait: The Implications of Climate Change for Torres Strait Islanders' Human Rights Protected by the ICCPR, 9 MELBOURNE J. INT'L L. 405, 414 (2008) (examining the impact of climate change on the human rights of Torres Strait Islanders); see also Sheila Watt-Cloutier, Petition to the Inter American Commission on Human Rights Seeking Relief from Violations Resulting from Global Warming Caused by Acts and Omissions of the United States, at 116, [] (archived Sept. 20, 2015) (discussing the petition brought by Inuit to the Inter-American Commission on Human Rights, requesting the United States to take into account the impact of GHG emissions on the Arctic Environment, and thus on their human rights including the right to food, health, culture, property and self-determination).

(99.) See Alyssa Johl & Sebastien Duyck, Promoting Human Rights in the Future Climate Change Policy, 15 ETHICS POL'Y & ENV'T 298 (2012).

(100.) Dinah Shelton, Human Rights and Climate Change 27 (Buffett Ctr, for Int'l and Comparative Law Studies, North Western Univ., Working Paper No. 009/2, 2009).

(101.) Pedersen, supra note 51, at 408-09.

(102.) Human Rights Council Res. 16/11, Human Rights and the Environment, U.N. Doc A/HRC/RES/16/11 (April 12, 2011) (urging states to take human rights into consideration when developing their environmental policies).

(103.) Pillay, supra note 95 (noting "the striking 'climate injustice' that many of the least developed countries and small island States, which have contributed least to global greenhouse gas emissions, will be worst affected by global warming."); see also Human Rights Council Res. 7/23 (Mar. 28, 2008) ("[L]ow-lying and other small island countries, countries with low-lying coastal, arid and semi-arid areas or areas liable to floods, drought and desertification, and developing countries with fragile mountainous ecosystems are particularly vulnerable to the adverse effects of climate change.").

(104.) Pillay, supra note 95 (noting additionally that "[c]ertain groups, such as women, children, indigenous peoples and rural communities, are more exposed to climate change effects and risks.").

(105.) Id.

(106.) Siobhan McIrneney-Lankford, Climate Change and Human Rights: An Introduction to Legal Issues, 33 HARV. ENVTL. L. Rev. 431, 433, 436-37 (2009); see also John Knox, Climate Change and Human Rights, 33 HARV. ENVTL. L. REV. 477 (2009); Timo Koivurova et al., Climate Change and Human Rights, in CLIMATE CHANGE AND THE LAW 287 (Erkki J. Hollo et al. eds., 2013).

(107.) Human Rights Council, Report of the Independent Expert on the Issue of Human Rights Obligations Relating to the Enjoyment of a Safe, Clean, Healthy and Sustainable Environment, [paragraph] 14, U.N Doc., A/HRC/25/53 (Dec. 30, 2013) [hereinafter HRC Report].

(108.) Id. (referring to decisions of the European Court of Human Rights in Hatton and Others v. United Kingdom, No. 360022/97, 8 July 2003, [paragraph] 98, and African Commission Communication No. 155/96, Social and Economic Rights Action Centre v. Nigeria (Ogoniland case), [paragraph] 54)

(109.) HRC Report, supra note 107, at 14 (referring to decisions of the European Court of Human Rights and the African Commission).

(110.) See, e.g., Joanne Scott, The Multi-Level Governance of Climate Change, 2011 CARBON & CLIMATE L. REV. 25,25.

(111.) Keohane & Victor, supra note 5, at 10-33.

(112.) Osofsky, supra note 23, at 587 (describing climate change as a "multiscalar" issue, capable of simultaneously engaging local, national, regional and international levels of governance).

(113.) See Kal Raustiala & David Victor, The Regime Complex for Plant Genetic Resources, 58 INT'L ORG. 277 (2004) (introducing the notion of "regime complex" with regard to the legal framework governing plant genetic resources).

(114.) Jeff D. Colgan, Robert 0. Keohane & Thijs Van de Graaf, Punctuated Equilibrium in the Energy Regime Complex, 7 REV. INT'L ORG. 117, 117-43 (2012).

(115.) Issachar Rosen-Zvi, Climate Change Governance: Mapping the Terrain, 2011 CARBON & CLIMATE L. Rev. 234, 234 (noting that the same dualisms also characterize other branches of environmental law, labour law and even for that matter international economic law itself); see Alex Mills, The Public-Private Dualities of International Investment Law and Arbitration, in EVOLUTION IN INTERNATIONAL INVESTMENT LAW AND ARBITRATION 97-116 (Chester Brown & Kate Miles eds., 2011) (examining the public-private dualism in international investment law); Joel P. Trachtman, The International Economic Law Revolution, 17 U. PA. J. INT'L ECON. L. 33 (1996) (pointing out that the rise of international economic law has led to the breaking down of public and private international law distinctions).

(116.) THE DURBAN PLATFORM, supra note 40, at 3.

(117.) Vienna Convention on the Law of Treaties, art. 26, Jan. 27, 1980, 1155 U.N.T.S. 331 ("Every treaty in force is binding upon the parties to it and must be performed by them in good faith.").

(118.) UNFCC, supra note 48.

(119.) Id. preamble.

(120.) Id. art. 2.

(121.) See John K. Setear, An Iterative Perspective on Treaties: A Synthesis of International Relations Theory and International Law, 37 HARV. INT'L L.J. 139, 217 (1996).

(122.) Kyoto Protocol, supra note 29.

(123.) UNFCCC, supra note 48, art. 3 ("[P]arties should protect the climate system for the benefit of future and present generations of human kind on the basis of equity and in accordance with their common but differentiated responsibility and respective capabilities. Accordingly, developed countries should take the lead in combating climate change and the adverse effects thereof.").

(124.) European Commission, Towards the Paris Protocol, May 29, 2015, [] (archived Oct. 15, 2015) ("All countries that are members of the United Nations Framework Convention on Climate Change (UNFCCC)--195 nations, plus the EU--have agreed to adopt a new global climate agreement in Paris in December 2015 which will take effect in 2020.").

(125.) Jutta Brunnee, COPing with Consent: Law-Making Under Multilateral Environmental Agreements, 15 LEIDEN J. Int'l L. 1, 4 (2002) (considering the COP as "the focal point of climate change law-making activities" and asking whether it is evolving into a "global legislature").

(126.) THE DURBAN PLATFORM, supra note 40, at l.

(127.) Id.

(128.) Lavanya Rajamani, The Warsaw Climate Negotiations: Emerging Understandings and Battle Lines on the Road to the 2015 Climate Agreement, 63 INT'L & COMP. L.Q. 721, 725 (2014).

(129.) Harro van Asselt, Michael Mehling & Clarisse Kehler Siebert, The Changing Architecture of International Climate Change Law, in RESEARCH HANDBOOK ON CLIMATE CHANGE MITIGATION LAW l, 10-11 (Geert van Calster et al. eds., 2015).

(130.) Alan Boyle, Some Reflections on the Relationship of Treaties and Soft Law, 48 INT'L & COMP. L. Q. 901, 901-13 (1999); Christine M. Chinkin, The Challenge of Soft Law: Development and Change in International Law, 38 INT'L & COMP. L.Q. 850 (1989); Matthias Goldmann, We Need to Cut Off the Head of the King: Past, Present, and Future Approaches to International Soft Law, 25 LEIDEN J. INT'L L. 335, 335-68 (2012); Andrew T. Guzman & Timothy L. Meyer, International Soft Law, 2 J. LEGAL ANALYSIS 171 (2010); Hartmut Hillgenberg, A Fresh Look at Soft Law, 3 EUROPEAN J. INT'L L. 499, 449-515 (1999).

(131.) Pierre-Marie Dupuy, Soft Law and the International Law of the Environment, 12 MICH. J. INT'L L. 420, 420 ("Soft law is a paradoxical term for defining an ambiguous phenomenon. Paradoxical because from a general and classical point of view, the rule of law is usually considered 'hard' ... or it simply does not exist. Ambiguous because the reality thus designated, considering its legal effects as well as its manifestations, is often difficult to identify clearly.").

(132.) Jan Klabbers, The Redundancy of Soft Law, 65 NORDIC J. INT'L L. 167, 168 (1996) (noting that "if [commitments] are not legal at all, it follows that they cannot be softly legal either.").

(133.) Bruno Simma, From Bilateralism to Community Interests, in ACADEMIE DE DROIT INTERNATIONAL DE LA HAYE 221 (1997) (highlighting that "the principle of sovereign consent ... stand[s] in the way of multilateral conventions being capable of accommodating community interests in a truly satisfactory manner" and various "endeavours to soften the edges of consent" have arisen).

(134.) Texaco v. Libya, 17 I.L.M. [paragraph] 81 (Int'l Arb. Trib. 1978).

(135.) van Asselt, Mehling & Kehler Siebert, supra note 129, at 15.

(136.) Rajamani, supra note 128, at 725.

(137.) The Durban Platform, supra note 40, at l-n.

(138.) Id. at 1.

(139.) ORG. FOR ECON. COOPERATION & DEV. [OECD], Roundtable on Sustainable Development, Involving International Business: Voluntary Agreements and Competitiveness 1 (Aug. 30-31, 1999), publications/39372658.pdf [] (archived Sept. 27, 2015).

(140.) Id. at 2.

(141.) UNFCCC, supra note 48, preamble (acknowledging that "human activities have been substantially increasing the atmospheric concentration of greenhouse gases, thereby enhancing the natural greenhouse effect.").

(142.) Private Investment Key in Tackling Climate Change, Says Assembly President, UN NEWS CENTRE (June 9, 2008), [] (archived Sept. 27, 2015).

(143.) van Asselt, Mehling & Kehler Siebert, supra note 129, at 26.

(144.) Rosen-Zvi, supra note 115, at 237.

(145.) See Freya Baetens, Foreign Investment Law and Climate Change 6--9 (Int'l Dev. Law Org. Sustainable Dev. Law on Climate Change, Working Paper No. 1, 2010).

(146.) See generally Elisa Morgera & Kati Kulovesi, Public-Private Partnerships for Wider and Equitable Access to Climate Technologies, in ENVIRONMENTAL TECHNOLOGIES, INTELLECTUAL PROPERTY AND CLIMATE CHANGE: ACCESSING, OBTAINING AND PROTECTING 128-51 (Abbe E.L. Brown ed., 2013) (discussing technology cooperation under the UNFCCC).

(147.) Rosen-Zvi, supra note 115, at 237.

(148.) Id. at 236.

(149.) The list of international regimes that can interact with the UNFCCC is not exhaustive. See Keohane & Victor, supra note 5, at 5; Margaret A. Young, Climate Change Law and Regime Interaction, 2011 CARBON & CLIMATE L. REV. 147, 147.

(150.) Montreal Protocol on Substances that Deplete the Ozone Layer, Sept. 16, 1987, 1522 U.N.T.S. 3.

(151.) See generally Guus J. M. Velders et al., Preserving Montreal Protocol Climate Benefits by Limiting HFCs, 335 SCI. 922 (2012) (noting that the Montreal Protocol is responsible for the global phaseout of ozone-depleting substances).


(153.) Young, supra note 149, at 148.

(154.) Convention Concerning the Protection of the World Cultural and Natural Heritage, Nov. 16, 1972, 1037 U.N.T.S. 151.

(155.) See id. art. 4.

(156.) See William C. G. Burns, Belt and Suspenders? The World Heritage Convention's Role in Confronting Climate Change, 17 SE. ENVTL. L.J. 359, 390 (2009).

(157.) See Keohane & Victor, supra note 5, at 8.

(158.) Rosen-Zvi, supra note 115, at 239.

(159.) Id. at 239-40.

(160.) Id.

(161.) Id.

(162.) On the linkage between international trade law and international climate law, see, for example, Cinnamon Carlarne, The Kyoto Protocol and the WTO: Reconciling Tensions Between Free Trade and Environmental Objectives, 17 COLO. J. INT'L ENVTL. L. & POL'Y 45, 46 (2006) (discussing MEAs' reliance on trade methods to implement and enforce environmental measures); Andrew Green, Climate Change, Regulatory Policy and the WTO: How Constraining Are Trade Rules?, 8 J. INT'L ECON. L. 143, 178-79 (2005) (explaining how Article XX limits trading based on environmental and other non-economic factors); Patrick Messerlin, Climate and Trade Policies: From Mutual Destruction to Mutual Support, 11 WORLD TRADE REV. 53, 77 (2012) (highlighting that "the trade community would enormously benefit from a climate community capable of designing instruments that would support the adjustment efforts to be made by carbon-intensive firms much better than instruments such as antidumping or safeguards, which have proved to be ineffective.").

(163.) See J. Von Doussa, A. Corkery & R. Chartres, Human Rights and Climate Change, 14 AUSTL'N Int'L L.J. 161, 170 (2007).

(164.) See generally PETER NEWELL & MATTHEW PATERSON, CLIMATE CAPITALISM--GLOBAL WARMING AND THE TRANSFORMATION OF THE GLOBAL ECONOMY (2010) (discussing the power of corporations in climate change and the need to challenge them).

(165.) See generally Edna Sussman, The Energy Charter Treaty's Investor Protection Provisions: Potential to Foster Solutions to Global Warming and Promote Sustainable Development, 14 ILSA J. INT'L & COMP. L. 391 (2008).

(166.) See World Investment Report 2011, supra note 11, at 100.


(168.) See generally Andrea K. Bjorklund, Investment Treaty Arbitral Decisions as Jurisprudence Constante, in INTERNATIONAL ECONOMIC LAW: THE STATE AND FUTURE OF THE Discipline 265, 265-80 (Colin Picker et al. eds., 2008) (explaining that awards do not have any precedential status yet later tribunals do refer to previous awards); Gabrielle Kaufmann-Kohler, Arbitral Precedent: Dream, Necessity or Excuse?, 23 ARB. INT'L 357 (2007) (noting that international arbitration lacks a doctrine of precedent yet later tribunals still refer to previous awards).

(169.) The Energy Charter Treaty [ECT], Dec. 17, 1994, 34 I.L.M. 360.

(170.) See, e.g., Schill, supra note 14, at 469--77 (assessing "the interaction between international investment law and unilateralism that endeavors to mitigate the effects of climate change.").

(171.) Id. at 477 (noting that the investment regime "should not lead to a chill on environmental regulation nor obstruct measures that are introduced in an attempt to mitigate climate change.").

(172.) See KATE MILES, THE ORIGINS OF INTERNATIONAL INVESTMENT LAW 187 (James Crawford & John S. Bell eds., 2013).

(173.) For instance, at the EU level, see Arcelor S.A. v. Eur'n Parliament & Council, Case T-16/04, Judgment (Mar. 2, 2010).

(174.) See Schill, supra note 14, at 470.

(175.) Id. at 471-76.

(176.) Rather, investors used to challenge other types of environmental measures. See, e.g., Rahim Moloo & Justin Jacinto, Environmental and Health Regulation: Assessing Liability Under Investment Treaties, 29 BERKELEY J. INT'L INV. L. 1 (2011).

(177.) See Young, supra note 149, at 153 (noting that climate change-related disputes have been brought before other fora including the International Court of Justice, the WTO dispute settlement mechanism, the International Tribunal for the Law of the Sea, and the compliance procedures within the Kyoto Protocol).

(178.) UNFCCC, supra note 48, art. 14.

(179.) Id.

(180.) Duncan French & Lavanya Rajamani, Climate Change and International Environmental Law: Musings on a Journey to Somewhere, 25 J. ENVTL. LAW 437, 452 (2013).

(181.) See van Asselt, Mehling & Kehler Siebert, supra note 129, at 16-17.

(182.) See Catherine Redgwell, Non-Compliance Procedures and the Climate Change Convention, in INTER-LINKAGES: The KYOTO PROTOCOL AND THE INTERNATIONAL TRADE AND INVESTMENT REGIMES 43, 43-58 (W. Bradnee Chambers ed., 2001) (discussing who is allowed to initiate compliance procedures under the UNFCCC and the Kyoto Protocol).

(183.) For an overview, see generally Chester Brown, International, Mixed, and Private Disputes Arising Under the Kyoto Protocol, 1 J. INT'L DISP. SETTLEMENT 447 (2010).

(184.) See Karen J. Alter & Sophie Meunier, The Politics of International Regime Complexity, 7 PERSP. POL. 13, 16 (2009) ("A number of ... contributors identified forum-shopping strategies where actors select the international venues based on where they are best able to promote specific policy preferences, with the goal of eliciting a decision that favors their interests.").

(185.) See Jacqueline Peel, Issues in Climate Change Litigation, 5 CAKBON & CLIMATE L. REV. 15, 23 (2011) (referring to climate change-related disputes more generally).

(186.) Id.

(187.) See generally INGO VENZKE, How INTERPRETATION MAKES INTERNATIONAL LAW: ON SEMANTIC CHANGE AND NORMATIVE TWISTS (2012); Armin von Bogdandy & Ingo Venzke, In Whose Name? An Investigation of International Courts' Public Authority and Its Democratic Justification, 23 EUR. J. INT'L L. 7 (2012) (illustrating the conflicting views on arbitral law-making authority); Armin von Bogdandy & Ingo Venzke, On the Functions of International Courts: An Appraisal in Light of Their Burgeoning Public Authority, 26 LEIDEN J. INT'L L. 49 (2013); Ingo Venzke, The Role of International Courts as Interpreters and Developers of the Law: Working out the Jurisgenerative Practice of Interpretation, 34 LOY. L.A. INT'L & COMP. L. REV. 99 (2011) (noting that international investment arbitration is decentralized and lacking in institutional structure, and that this leads to conflicting


(188.) See Hari M. Osofsky, The Continuing Importance of Climate Change Litigation, 1 CLIMATE L. 3, 5 (2010) (referring to climate change-related disputes more generally).

(189.) See Peel, supra note 185, at 24.

(190.) Adrian M. Johnston & Michael J. Trebilcock, Fragmentation in International Trade Law: Insights from the Global Investment Regime, 12 WORLD TRADE REV. 621, 629 (2013).

(191.) See generally Anne Van Aaken & Jurgen Kurtz, Emergency Measures and International Investment Law: How far Can States Go?, 2010 Y.B. INT'L INV. L. & POL'Y 505, 505-37 (Karl Sauvant ed.); Anne Van Aaken & Jurgen Kurtz, Prudence or Discrimination? Emergency Measures, the Global Financial Crisis and International Economic Law, 12 J. INT'L ECON. L. 859 (2009).

(192.) For instance, foreign investors have filed investment disputes against Argentina and Greece for their handling of the debt crisis. See, e.g., Abaclat v. Argentina, ICSID Case No. ARB/07/5, Decision on Jurisdiction and Admissibility (Aug. 4, 2011); Cyprus Popular Bank Public Co. Ltd. v. Hellenic Republic, ICSID Case No. ARB/14/16, (July 16, 2014); Postova banka, a.s. & Istrocapital SE v. Hellenic Republic, ICSID Case No. ARB/13/8 (May 20, 2013).

(193.) Gerard Marata et al., Renewable Energy Incentives in the United States and Spain: Different Paths--Same Destination?, 28 J. ENERGY & NAT. RESOURCES L. 481, 482 (2010).

(194.) Joseph Tirado & Jerry R. Bloom, Renewable Energy Reforms in Europe: Growing Threats to International Investors, LEXOLOGY (Winston & Strawn, LLP, Chicago, 111.), June 9, 2014, at 1.

(195.) Id.

(196.) Id. (noting that "[r]eportedly, many foreign investors relied on the duration of these incentives.").

(197.) James Prest, The Future of Feed-in Tariffs: Capacity Caps, Scheme Closures and Looming Grid Parity, 2012 RENEWABLE ENERGY L. & POL'Y REV. 25, 26.

(198.) Tirado & Bloom, supra note 194, at 1.

(199.) Prest, supra note 197, at 26 (noting that "if a PIT is set too high, ... generator profits will be more than a 'reasonable' return on investment", thus posing "a risk of a speculative investment bubble" and that the consumers will have to pay a too high a price for electricity; on the other hand, "if the FIT is set too low, ... investing in renewable generation [will] not [be] made sufficiently profitable, [and] investors will invest in other energy businesses").

(200.) DANIELA MINEVA ET AL., EUROPEAN COMM'N DIR.-GEN. REG'L POL'Y, POLICY PAPER ON RENEWABLE ENERGY AND ENERGY EFFICIENCY OF RESIDENTIAL HOUSING-BULGARIA 5 (2011), evaluation/pdf/eval2007/expert_innovation/2011_synt_rep_bg.pdf [] (archived Sept. 20, 2015).


(202.) MINEVA ET AL., supra note 200, at 5.

(203.) Jarrod Hepburn, Bulgaria May Face BIT and Human Rights Claims over Renewable Energy Measures, INV. ARB. Rep., June 4, 2014.

(204.) EVN AG v. Republic of Bulgaria, ICSID Case No. ARB/13/17, (Dec. 2, 2013), ContentTypeId=0x010072BB0AF096F3E943AAAlE857604384AC [] (archived Sept. 20, 2015).

(205.) DRAGUIEV, supra note 201, at 1.

(206.) Id.

(207.) Id.

(208.) Hepburn, supra note 203.

(209.) Antaris Solar & Dr. Michael Gode v. Czech Republic (2013); ICW Europe Investments Limited v. Czech Republic (May 8, 2013); Natland Investment Group NV, Natland Group Limited, G.I.H.G. Limited, and Radiance Energy Holding S.A.R.L. v. Czech Republic (May 8, 2013); Photovoltaik Knopf Betriebs-GmbH v. Czech Republic (May 8, 2013); Voltaic Network GmbH v. Czech Republic (May 8, 2013); WA Investments-Europa Nova Limited v. Czech Republic (May 8, 2013), all under UNCITRAL Rules.

(210.) Luke Eric Peterson, Brussels' Latest Intervention Casts Shadow over Investment Treaty Arbitrations Brought by Jilted Solar Energy Investors, INV. ARB. REP., Sept. 8, 2014, at 1.

(211.) Id.

(212.) Luke Eric Peterson, Following PCA Decision, Czech Republic Thwarts Move by Solar Investors to Sue in Single Arbitral Proceeding; Meanwhile Spain Sees New Solar Claim at ICSID, INV. Arb. Rep., Jan. 1, 2014.

(213.) Id.

(214.) Id.

(215.) Id.

(216.) Id.

(217.) Id.

(218.) JSW Solar (zwei) v. Czech Republic (June 2013), UNCITRAL ad hoc.

(219.) Luke Eric Peterson, In Shadow of Mass Solar Claims, Another UNCITRAL BIT Arbitration Quietly Moves Forward Against Czech Republic, INV. ARB. REP., Jan. 10, 2014.

(220.) Id.

(221.) See Tirado & Bloom, supra note 194, at 1 ("The Spanish Government has indicated that ... the amount of incentives paid to renewable, co-generation and waste energy sources is to be cut in 2014 by approximately Euro 1.7 billion.").

(222.) Kyriaki Karadelis, Spain Faces More Claims from Renewables Investors, GLOBAL ARB. REV., Nov. 29, 2013 (noting "an electricity tariff deficit in the country's energy market that the International Monetary Fund and the European Commission have highlighted as a significant drag on the Spanish economy.").

(223.) InfraRed Envtl. Infrastructure GP Limited v. Kingdom of Spain, ICSID Case No. ABR/14/12, (June 3, 2014).

(224.) Luke Peterson, Another Week, Another Arbitration Claim Against Spain: Infrared Environmental Infrastructure Sues at ICSID, INV. ARB. REP. (June 4, 2014).

(225.) SolEs Badajoz GmbH v. Kingdom of Spain, ICSID Case No. ARB/15/38, (August 24, 2015); OperaFund Eco-Invest SICAV PLC and Schwab Holding AG v. Kingdom of Spain, ICSID Case No. ARB/15/36, (August 11, 2015); E.ON SE, E.ON Finanzanlagen GmbH and E.ON Iberia Holding GmbH v. Kingdom of Spain, ICSID Case No. ARB/15/35, (August 10, 2015); Cavalum SGPS, S.A. v. Kingdom of Spain, ICSID Case No. ARB/15/34, (August 4, 2015); JGC Corporation v. Kingdom of Spain, ICSID Case No. ARB/15/27, (June 22, 2015); KS Invest GmbH and TLS Invest GmbH v. Kingdom of Spain, ICSID Case No. ARB/15/25, (June 16, 2015); Mathias Kruck and others v. Kingdom of Spain, ICSID Case No. ARB/15/23, (June 4, 2015); Cube Infrastructure Fund SICAV v. Kingdom of Spain, ICSID Case No. ARB/15/20, (June 1, 2015); BayWa r.e. Renewable Energy GmbH v. Kingdom of Spain , ICSID Case No. ARB/15/16, (May 8, 2015;); 9REN Holding S.a.r.l. v. Kingdom of Spain, ICSID Case No. ARB/15/15, (April 21, 2015); STEAG GmbH v. Kingdom of Spain, ICSID Case No. ARB/15/4, (Jan. 21, 2015); Stadtwerke Mtinchen GmbH v. Kingdom of Spain, ICSID Case No. ARB/15/1, (Jan. 7, 2015); RWE Innogy GmbH v. Kingdom of Spain, ICSID Case No. ARB/14/34, (Dec. 23, 2014); RENERGY S.a r.l. v. Kingdom of Spain, ICSID Case No. ARB/14/18, (Aug. 1, 2014); NextEra Energy Global Holdings B.V. v. Kingdom of Spain, ICSID Case No. ARB/14/11, (May 23, 2014); Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain, ICSID Case No. ARB/14/1, (Feb. 11, 2014); Eiser Infrastructure Ltd. v. Kingdom of Spain, ICSID Case No. ARB/13/36, (Dec. 23, 2013); Antin Infrastructure Services Luxembourg S.a.r.l. v. Kingdom of Spain, ICSID Case No. ARB/13/31, (Nov. 22, 2013); RREEF Infrastructure (G.P.) Limited v. Kingdom of Spain, ICSID Case No. ARB/13/30, (Nov. 22, 2013).

(226.) Isolux Infrastructure Netherlands B.V. v Spain, SCC (2013); Charanne (the Netherlands) & Construction Investments (Luxembourg) v. Spain, SCC (2013); CSP Equity Investment S.a.r.l. v. Spain, SCC (June 2013).

(227.) The PV Investors v. Spain, ad hoc, UNCITRAL Arb. Rules, (Nov. 17, 2011); Luke Eric Peterson, Tribunals Finalized in UNCITRAL and SCC Claims Arising out of Solar-Power Controversies, INV. ARB. REP. (Apr. 16, 2014).

(228.) Blusun S.A. v. Italian Republic, ICSID Case No. ARB/14/3 (Feb. 21, 2014).

(229.) Kyriaki Karadelis, Italy Risks Claims over Solar Subsidies, GLOBAL ARB. REV. (Dec. 8, 2014), (subscription required) [] (archived Oct. 15, 2015); see Request of Consultation by China, European Union & Certain Member States--Certain Measures Affecting the Renewable Energy Generation Sector, WT/DS452/1 (Nov. 5, 2012), [http://perma. CC/25HS-KLAX] (archived Sept. 18, 2015); see also Mattew D'Orsi, Heated Skirmishes in the Solar Sector: Do Solar-PV Feed-In Tariffs Constitute Trade-Related Investment Measures and Subsidies Prohibited Under the WTO Regime?, 29 AM. U. INT'L L. REV. 673, 674 (2013).

(230.) Legge 23 Dicembre 2014, n. 190, Disposizioni per la Formazione del Bilancio Annuale e Pluriennale dello Stato (legge di stabilita' 2015), Allegato 8, GU Serie Generale n. 300 del 29-12-2014 - Suppl. Ordinario n. 99, http://[] (archived Sept. 18, 2015); see Carsten Steinhauer, Italy Withdraws from Energy Charter Treaty, NAT'L L. Rev. (April 21, 2015), article/italy-withdraws-energy-charter-treaty [] (archived Sept. 18, 2015); see also Jarrod Hepburn & Luke Eric Peterson, Italy is the EU's Model Citizen, When It Comes to Following European Commission Demands to Terminate Intra-EU Investment Treaties, INV. ARB. REP. (June 2, 2015) (noting that Italy has also terminated intra-EU BITs "due to their no longer being deemed necessary in the context of an expanded EU").

(231.) See Energy Charter Treaty, supra note 169, art. 47(2).

(232.) Id. art. 47(3).

(233.) See Noradele Radjai & Lorraine de Germiny, Recent Developments in Solar Energy Sector Across Europe, INT'L LAW OFFICE (Feb. 9, 2015), http:// [] (archived Sept. 18, 2015) ("[0]n March 30 2014 Greece enacted a law that retroactively cut solar feed-in tariffs by approximately 30%.").

(234.) See generally North American Free Trade Agreement, 32 I.L.M. 289 prmbl. pts. 1-3 (1993), 32 I.L.M. 605, pts. 4-7, annex (1993), pts. 4-7, annexes, [] (archived Sept. 18, 2015).

(235.) See generally Notice of Intent to Submit a Claim to Arbitration, Mesa Power Grp. LLC v. Canada, (July 6, 2011), files/case-documents/italawl 168.pdf [] (archived Sept. 18, 2015).

(236.) The Ontario FIT Program was also the subject of two WTO disputes initiated by Japan and the European Union against Canada, regarding Canada's domestic content requirements for equipment in order for solar and wind power generators to participate in the FIT program. Japan and the European Union challenged the program on two grounds. First, they argued that the domestic content requirement discriminated against imported goods thus being inconsistent inter alia with the national treatment provisions of the GATT and the TRIMS. Second, the claimants argued that the program constituted an unlawful subsidy, contrary to the Subsidies and Countervailing Measures (SCM) Agreement. The Panel ruled in favor of Japan and the European Union with regard to the first claim. The Appellate Body upheld that the Minimum Required Domestic Content Levels prescribed under the FIT Programme are inconsistent with Article 2.1 of the TRIMS Agreement and Article 111:4 of the GATT 1994. With regard to the second claim, the Panel did not consider the FIT itself to be a subsidy. The Appellate Body reversed this finding that the complainants had failed to establish a FIT-based benefit for electricity producers. However, it could not confirm the fact of unlawful subsidization. Apellate Body Report, Canada--Certain Measures Affecting the Renewable Energy Generation Sector, Canada--Measures Relating to the Feed-In Tariff Program, WTO Doc. WT/DS412/AB/R, WT/DS426/AB/R, (May 6, 2013), [https://] (archived Sept. 18, 2015); Canada--Certain Measures Affecting the Renewable Energy Generation Sector, Canada--Measures Relating to the Feed-In Tariff Program, WTO Doc. WT/DS412/R, WT/DS426/R, (Dec. 19, 2012); see Aaron Cosbey & Petros C. Mavroidis, A Turquoise Mess: Green Subsidies, Blue Industrial Policy and Renewable Energy: The Case for Redrafting the Subsidies Agreement of the WTO, 11-47, 12 (RSCAS, Working Paper No. 17, 2014), (pointing out that the AB "engaged in legal acrobatics" when it avoided an explicit standing on the [il]legitimacy of clean energy subsidies under existing WTO Agreement on Subsidies and Countervailing Measures); see also Sherzod Shadikhodjaev, First WTO Judicial Review of Climate Change Subsidy Issues, 107 AM. J. INT'L L. 864, 867 (2013).

(237.) See, e.g., Vattenfall AB v. Germany, ICSID Case No. ARB/09/6, Request for Arbitration, [paragraph] 54 (March 30, 2009), [] (archived Sept. 18, 2015).

(238.) Luke Eric Peterson, Coal-Fired Power Plant Investors Reportedly Threaten Australia with BIT Claims, INV. Arb.REP. (Dec. 28, 2009).

(239.) See Lone Pine Resources Inc. v. Canada, Notice of Intent to Submit a Claim to Arbitration, UNCITRAL (Nov. 8, 2012).

(240.) Vattenfall v. Germany, ICSID Case No. ARB/09/6, Request for Arbitration, (Mar. 30, 2009), [] (archived Sept. 18, 2015).

(241.) See Greenpeace Germany v. Vattenfall, Rejected, (Oct. 29, 2009), [] (archived Sept. 18, 2015) (stating that Greenpeace filed a complaint against Vattenfall, alleging that its planned power plant violated the OECD Guidelines on environmental policies and consumer protection; the German National Contact Point, however, dismissed the claim).

(242.) See Stephen W. Schill, supra note 14, at 472-73 ("Under [the] police power exception, host states have the power to restrict private property rights without compensation in pursuance of a legitimate purpose for as long as this purpose is reasonably balanced in relation to the regulation's effect of the investment.").

(243.) See Saluka Inv. B.V. v. Czech Republic, UNCITRAL, Partial Award, [paragraph] 262 (March 17, 2006), [] (archived Sept. 18, 2015) ("In the opinion of the Tribunal, the principle that a State does not commit an expropriation and is thus not liable to pay compensation to a dispossessed alien investor when it adopts general regulations that are 'commonly accepted as within the police power of the States' forms part of customary international law today."); see also Methanex Corp. v. United States, Final Award of the Tribunal on Jurisdiction & Merits, pt. IV, ch. D, [paragraph] 7 (Aug. 3, 2005), [ 7MVJ-HTHC] (archived Sept. 18, 2015) ("[A]s a matter of general international law, a non-discriminatory regulation for a public purpose, which is enacted in accordance with due process and, which affects, inter alios, a foreign investor or investment is not deemed to be expropriatory and compensable....").

(244.) See Chemtura Corp. v. Canada, UNCITRAL, Award (Aug. 2, 2010), [ P95B-MKL9] (archived Sept. 18, 2015) (holding that it is Canada's duty to ensure pesticide use would be safe).

(245.) On the role of science in international investment law and arbitration, see VALENTINA VADI, PUBLIC HEALTH IN INTERNATIONAL INVESTMENT LAW AND ARBITRATION 153-55 (2012).

(246.) Les Laboratoires Servier, S.A.S., Biofarma, S.A.S., Arts et Techniques du Progres v. Poland, Award (Feb. 14, 2012), [http://] (archived Sept. 18, 2015).

(247.) Id. [paragraph] 568.

(248.) See Baetens, supra note 14, at 10.

(249.) See generally Parkerings Compagniet AS v. Lithuania, Award, ICSID Case No. ARB/05/8, (Sept. 11, 2007), documents/ita0619.pdf [] (archived Sept. 19, 2015) (providing an analogous consideration in the light of the of the World Heritage Convention).

(250.) See generally Case T-16/04, Arcelor S.A. v. European Parliament, 2004 E.C.R.

(251.) See generally Council Directive 2003/87 of the European Parliament and of the Council of 13 Oct. 2003 on Establishing a Scheme for Greenhouse Gas Emission Allowance Trading with the Community & Amending Council Directive 96/61/EC, 1996 O.J. (L 275) 32, 0032:0046:en:PDF [] (archived Sept. 19, 2015) (amending Council Directive 96/61/EC and establishing a framework for greenhouse gas emission allowance trading).

(252.) See generally Case T-16/04, Arcelor S.A. v. European Parliament, 2004 E.C.R.

(253.) See Marjan Peeters, The EU ETS and the Role of the Courts: Emerging Contours in the Case of Arcelor, 2 CLIMATE L. 19, 19 (2011).

(254.) See id. at 20 (noting that since the inception of the Treaty of Lisbon on 1 December 2009, the entire judicial system of the European Union is referred to as the Court of Justice of the European Union, which consists of three judicial bodies: the Court of Justice, the General Court and the Civil Service Tribunal, and highlighting that Case T-16/04 was decided by the General Court)

(255.) See Case T-16/04, Arcelor S.A. v. European Parliament, 2010 E.C.R. 140 (dismissing Arcelor's action entirely). The European Court of Justice, now called Court of Justice, gave an earlier preliminary ruling on a question posed by a French administrative court in another earlier case started by Arcelor. See generally Case C127/07, Societe Arcelor Atlantique et Lorraine et al. v. Premier Ministre et al., 2008. E.C.R. 1-09895, 27 [] (archived Sept. 19, 2015).

(256.) For commentary, see Kate Miles, Arbitrating Climate Change, 1 CLIMATE L. 63, 87-88 (2010).

(257.) See Case T-16/04, Arcelor S.S. v. European Parliament, 2010 E.C.R. [paragraph] 168.

(258.) See Nykomb Synergetics Tech. Holding AB v. Latvia, Arb. SCC, Award, at 34 (Dec. 16, 2003), [] (archived Sept. 19, 2015).

(259.) See generally Antony Crockett, Stabilisation Clauses and Sustainable Development: Drafting for the Future, in EVOLUTION IN INVESTMENT TREATY LAW AND ARBITRATION 516, 516-38 (Chester Brown & Kate Miles eds., 2011) ("When drafting stabilisation clauses, lawyers should focus on ensuring that the contract is able to adapt to and survive the evolution of environmental and social standards....").

(260.) Lorenzo Cotula, Reconciling Regulatory Stability and Evolution of Environmental Standards in Investment Contracts: Towards a Rethink of Stabilization Clauses, l J. WORLD ENERGY & BUS. 158 (2008).

(261.) See Nykomb Synergistics Tech. Holding AB v. Latvia, Arb. SCC, Award, (Dec. 16, 2003), [] (archived Sept. 19, 2015).

(262.) Schill, supra note 14, at 476.

(263.) Saluka Inv. B.V. v. Czech Republic, UNCITRAL, Partial Award, [paragraph] 306 (March 17, 2006), [] (archived Sept. 18, 2015).

(264.) See Energy Charter, Investor-State Dispute Settlement Cases, http:// [] (archived Nov. 3, 2015).

(265.) Id.

(266.) The list of the cases that are registered at the Center is available at the ICSID website. See ICSID, (last visited Feb. 2, 2015) [] (archived Sept. 19, 2015).

(267.) See id.

(268.) Id.

(269.) See ICSID Convention art. 48(5), StaticFiles/basicdoc/CRR_English-final.pdf [] (archived Sept. 19, 2015) ("The Centre shall not publish the award without the consent of the parties.").

(270.) See, e.g, LG&E Energy Corp. et al. v. Argentine Republic, ICSID Case No. ARB/02/1, Award, [paragraph] 3 (July 25, 2007), [] (archived Sept. 20, 2015) (holding Argentina liable for damages to the claimants "for breaches of the treaty, except during the period o the State of Necessity"); see also Continental Casualty v. Argentine Republic, ICSID Case No. ARB/03/9, Award, [paragraph] 320 (Sept. 5, 2008), [] (archived Sept. 20, 2015).

(271.) Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention or Washington Convention), Washington, 18 March 1965, in force 14 October 1966, 575 UNTS 159.

(272.) No provision of the ICSID convention addresses the issue of mass claims. However, Article 44 of the Convention states, inter alia, that "[i]f any question of procedure arises which is not covered by this Section or the Arbitration Rules or any rules agreed by the parties, the Tribunal shall decide the question." Therefore, arbitral tribunals have relied on this provision to allow mass claims. See Abaclat v. Argentine Republic, ICSID Case No. ARB/07/5, Decision on Jurisdiction and Admissibility, [paragraph][paragraph] 517-19 (Aug. 4, 2011) (considering the silence of the ICSID Convention on the issue of mass claims as allowing such proceedings. However, one of the arbitrators, Judge Georges Abi-Saab. issued a dissenting opinion); see also Alemanni v. Argentine Republic, ICSID Case No. ARB/07/8, Decision on Jurisdiction and Admissibility, [paragraph][paragraph] 323-25 (Nov. 17, 2014), 4061.pdf [] (archived Sept. 20, 2015) (deeming collective proceedings compatible with the ICSID Convention and allowing the mass proceedings to continue).

(273.) See Counting the Costs of Investment Treaty Arbitration, GLOBAL ARB. REV., 1, 2 (Mar. 24, 2014), (subscription required) [] (archived Oct. 15, 2015) ("[T]he average party costs were quite similar, at $4,437,000 for claimants and $4,559,000 for respondents.").

(274.) See Peterson, supra note 219.

(275.) See Luke E. Peterson, Intra-EU Treaty Claims Controversy: New Decisions and Developments in Claims Brought by EU Investors vs. Spain and Hungary, IAR (Dec. 24, 2014).

(276.) See Abaclat v. Argentine Republic, ICSID Case No ARB/07/5, Award on Jurisdiction and Admissibility, [paragraph] 216 (Aug. 4, 2011).

(277.) See id. [paragraph] 467.

(278.) See id. [paragraph] 545(ii) ("The measures that Argentina would need to take to face 60,000 [separate] proceedings would be a much bigger challenge to Argentina's effective defense rights . ...").

(279.) See Ambiente Ufficio S.P.A. v. Argentine Republic, ICSID Case No. ARB/08/9, Decision on Jurisdiction and Admissibility, [paragraph][paragraph] 119-22 (Feb. 8, 2013), http:/ / [ DG-WKEH] (archived Sept. 20, 2015) (embracing the essence of Abaclat's "mass claim" through a "multi-party" approach for a 90 claimant action); see also Alemanni v. Argentine Republic, ICSID Case No. ARB/07/8, Decision on Jurisdiction and Admissibility, [paragraph][paragraph] 261-67 (Nov. 17, 2014), default/files/ case-documents/italaw4061.pdf [] (archived Sept. 20, 2015).

(280.) Alemanni, ICSID Case No. ARB/08/9, Decision on Jurisdiction and Admissibility, [paragraph] 269.

(281.) See U.N. Conference on Sustainable Development, The Future We Want, U.N. Doc. A/CONF.216/16 (June 20-21, 2012), documents/814UNCSD%20REPORT%20final%20revs.pdf [ Z] (archived Sept. 20, 2015) (promoting sustainable development through social and economic growth); see also The Future We Want, G. A. Res. 66/288, annex, [paragraph] 12 (July 27, 2012), [] (archived Sept. 20, 2015) (recognizing a commitment to sustainable development).

(282.) Anatole Boute, The Potential Contribution of International Investment Protection Law to Combat Climate Change, 27 J. ENERGY & NAT. RESOURCES L. 333, 342 (2009).

(283.) Jonathan Bonnitcha, Outline of a Normative Framework for Evaluating Interpretations of Investment Treaty Protections, in EVOLUTION IN INVESTMENT TREATY ARBITRATION 117, 118 (Chester Brown & Kate Miles eds., 2011).

(284.) See id.

(285.) Continental Casualty Co. v. Argentine Republic, ICSID Case ARB/03/9, Award, [paragraph] 100 (Sept. 5, 2008), Award.pdf [] (archived Sept. 20, 2015).

(286.) "Non-precluded measures" include "measures necessary for the maintenance of public order" whose adoption is allowed under the relevant BITs. See, e.g., Article XI of the US-Argentina BIT (providing that "[t]his treaty shall not preclude the application by either Party of measures necessary for the maintenance of public order, the fulfillment of its obligations with respect to the maintenance or restoration of international peace or security, or the Protection of its own essential security interests."); The Reciprocal Encouragement and Protection of Investment, U.S.-Arg., art. XI, Nov. 14, 1991, TreatyFile/127 [] (archived Sept. 20, 2015).

(287.) Continental Casualty, ICSID Case ARB/03/9, Award, [paragraph] 227.

(288.) See, e.g., AES Summit Generation Limited v. Hungary, ICSID Case No. ARB/07/22; Electrabel S.A. v. Hungary, ICSID Case No. ARB/07/19; Antin Infrastructure Servs. Luxembourg S.a.r.l. v. Spain, ICSID Case No. ARB/13/31; Eiser Infrastructure Limited v. Spain, ICSID Case No. ARB/13/36; RENERGY S.a.r.l. v. Spain, ICSID Case No. ARB/14/18.

(289.) Young, supra note 149, at 153.

(290.) ICSID Rules of Procedure for Arbitration Proceedings (Arbitration Rules) Rule 37, [] (archived Nov. 3, 2015).

(291.) Scott, supra note 110, at 25-26.

(292.) Id. at 28.

(293.) See European Parliament and the Council on the Promotion of the Use of Energy from Renewable Sources and Amending and Subsequently Repealing Directives 2001/177/EC and 2003/30/EC., 2009, 2009/28/EC, eur88009.pdf [] (archived Sept. 20, 2015).

(294.) Philip Lowe, Regulating Renewable Energy in the European Union, 1 RENEWABLE ENERGY L. & POL'YREV. 17,17 (2010).

(295.) Arno Behrens, The Role of Renewables in the Interaction Between Climate Change Policy and Energy Security in Europe, 1 RENEWABLE ENERGY L. & POL'Y REV. 5, 12(2010).

(296.) See id. at 5, 12 ("[Increasing deployment of renewable energy technologies can benefit the security of European energy supplies in several ways. Being largely domestically available ... they have the potential to replace imported fossil ... energy carriers, thus reducing import dependency.").

(297.) Lowe, supra note 294, at 17.

(298.) Id. at 17-18.

(299.) Id. at 18.

(300.) Id. at 19.

(301.) European Parliament: Notices From European Union Institutions, Bodies, Offices and Agencies: Written Questions with Answers, Question for Written Answer E-004041/14, 2014 O.J. (C 367) 1, 101, ?uri=OJ:C:2014:367:TOC (last visited Feb. 4, 2015) [] (archived Sept. 18, 2015) (addressing the Commission Nikolaos Chountis (GUE/NGL) and inquiring into the breach of contractual obligations in the new retroactive changes to renewable energy support schemes; answer given by Mr. Oettinger on behalf of the Commission).

(302.) See August Reinisch, The EU on the Investment Path--Quo Vadis Europe? The Future of EU BITs and Other Investment Agreements, 12 SANTA CLARA J. INT'L L. 1l1, 138 (2014).

(303.) See Graham Coop, Energy Charter Treaty and the European Union: Is Conflict Inevitable?, 27 J. ENERGY & NAT. RESOURCES L. 404, 415 (2009).

(304.) See Council and Parliament Regulation 1219/2012 Art. 13(b), 2012 J.O.

(351) 40, 44 (EU), 351:0040:0046:En:PDF [] (archived Sept. 18, 2015) (requiring Member States to "immediately inform the Commission of any request for dispute settlement lodged under the auspices of the bilateral investment agreement as soon as the Member State becomes aware of such a request," and adding that "[t]he Member State and the Commission shall fully cooperate and take all necessary measures to ensure an effective defence which may include, where appropriate, the participation in the procedure by the Commission.").

(305.) Carlos Gonzalez-Bueno & Laura Lozano, More than a Friend of the Court: The Evolving Role of the European Commission in Investor-State Arbitration, KLUWER Arb. BLOG (Jan. 26, 2015), -commission-in-investorstate-arbitration/ [] (archived Sept. 18, 2015).

(306.) Id.

(307) See Electrabel S.A. v. Republic of Hungary, ICSID Case No. ARB/07/19, Decision on Jurisdiction, Applicable Law and Liability, 30 November 2012, [paragraph] 5.32-35 ("[T]here exists no relevant inconsistency between EU law, the ECT and the ICSID Convention in the present case, as regards both the merits of the Parties' dispute and the Tribunal's jurisdiction.").

(308.) See Peterson, supra note 275 (explaining that in the case EDF v. Hungary, an UNCITRAL Tribunal has affirmed its jurisdiction in relation to intra-EU claims concerning the violation of the ECT, despite the Commission's intervention and opposition to the Tribunal's jurisdiction).

(309.) The six proceedings are: Antaris Solar & Dr. Michael Gode v. Czech Republic; Natland Investment Group NV, Natland Group Limited, G.I.H.G. Limited & Radiance Energy Holding S.A.R.L. v. Czech Republic; Voltaic Network GmbH v. Czech Republic; ICW Europe Investments Limited v. Czech Republic; Photovoltaik Knopf Betriebs-GmbH v. Czech Republic; WA Investments-Europa Nova Limited v. Czech Republic. See Peterson, supra note 210.

(310.) Id.

(311.) Id. at 2.

(312.) Id.

(313.) See id.

(314.) See Luke Eric Peterson, European Commission Wades into Solar Arbitrations Against Spain, Intervening in One Case a Week Before Final Hearing, INV. ARB. REP. 17 (2014).

(315.) See, e.g., RENERGY S.a r.l. v. Kingdom of Spain, ICSID Case No. ARB/14/18, registered on Aug. 1, 2014; NextEra Energy Global Holdings B.V. & NextEra Energy Spain Holdings B.V. v. Kingdom of Spain, ICSID Case No. ARB/14/11, registered on May 23, 2014; Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain, ICSID Case No. ARB/14/1, registered on Feb. 11, 2014; Eiser Infrastructure Limited & Energia Solar Luxembourg S.a r.l. v. Kingdom of Spain, ICSID Case No. ARB/13/36, Dec. 23, 2013; InfraRed Environmental Infrastructure GP Ltd. & others v. Spain, ICSID Case No. ABR/14/12, registered on June 3, 2014; Antin Infrastructure Services Luxembourg S.a.r.l. & Antin Energia Termosolar B.V. v. Kingdom of Spain, ICSID Case No. ARB/13/31, registered on Nov. 23, 2013; RREEF Infrastructure (G.P.) Ltd. & RREEF Pan-European Infrastructure Two Lux S.a r.l. v. Kingdom of Spain, ICSID Case No. ARB/13/30, registered on Nov. 22, 2013. All of these cases are listed on the ICSID website, at [ -3U5S] (archived Sept. 20, 2015).

(316.) Ioan Micula, Viorel Micula, S.C. European Food S.A., S.C. Starmill S.R.L. and S.C. Multipack S.R.L. v. Romania, ICSID Case No. ARB/05/20, Final Award, [paragraph] 330 (2013), [] (archived Sept. 20, 2015).

(317.) See id. [paragraph] 340.

(318.) Luke Eric Peterson, Investigation: In Recent Briefs, European Commission Casts Doubt on Application of Energy Charter Treaty to Any Intra-EU Dispute, INV. ARB. Rep., Sept, 8, 2014 at 3.

(319.) Id.

(320.) Id.

(321.) See Nikolaos Lavranos, The MOX Plant Judgment of the ECJ: How Exclusive is the Jurisdiction of the ECJ?, 15 EUR. ENERGY & ENVTL. L. REV. 291, 292 (2006) (discussing the possibility of parallel disputes brought before different international fora).

(322.) Peterson, supra note 283.

(323.) Id.

(324.) See Christian Tjetie & Clemens Wackernagel, Outlawing Compliance? The Enforcement of Intra-EU Investment Awards and EU State Aid Law, 41 POL'Y PAPERS TRANSNAT'L ECON. L. 1, 8 (2014), PolicyPaper/PolicyPaper_No41.pdf [] (archived Sept. 20, 2015) (explaining that in Micula [upsilon]. Romania the European Commission warned that "[t]he execution of such award can thus not take place if it would contradict the rules of EU State aid policy").

(325.) See Jose E. Alvarez, The Return of the State, 20 MINN. J. INT'L L. 223, 231 (2011) (pinpointing that "[t]he regime most criticized for ignoring the will of states has become the foremost example of their persistent power.").

(326.) See, e.g., Agreement on Free Trade and Economic Partnership Between Japan and the Swiss Confederation, Japan-Switz., preamble, Feb. 19, 2009, 2642 U.N.T.S. 3 (reaffirming "their commitment to democracy, the rule of law, human rights" and their "determin[ation], in implementing this Agreement, to seek to preserve and protect the environment, to promote the optimal use of natural resources in accordance with the objective of sustainable development and to adequately address the challenges of climate change.").

(327.) See, e.g., Norway Model BIT Treaty, draft version 130515, art. 12, May 13 2015, draft-model-agreement-english.pdf [] (archived Sept. 20, 2015) ("Nothing in this Agreement shall be construed to prevent a Party from adopting, maintaining or enforcing any measure otherwise consistent with this Agreement that it considers appropriate to ensure that investment activity is undertaken in a manner sensitive to health, safety, human rights, labour rights, resource management or environmental concerns.").

(328.) See id. art. 24 ("Subject to the requirement that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination between investments or between investors, or a disguised restriction on international [trade or] investment, nothing in this Agreement shall be construed to prevent a Party from adopting or enforcing measures necessary: i. to protect public morals or to maintain public order; ii. to protect human, animal or plant life or health; iii. to secure compliance with laws and regulations that are not inconsistent with the provisions of this Agreement; iv. for the protection of national treasures of artistic, historic or archaeological value; or v. for the protection of the environment.").

(329.) See, e.g., Agreement Between Belgium-Luxembourg Economic Union and Barbados for the Reciprocal Promotion and Protection of Investments, Belg.-Barb., art. 11, May 19, 2009, [ -37MY] (archived Sept. 20, 2015) (recognizing the "right of each Contracting Party to establish its own levels of domestic environmental regulation").

(330.) See Energy Charter Treaty, Annex 1 to the Final Act of the Conference on the European Energy Charter, preamble, Dec. 17, 1994, 34 I.L.M. 360 (1995) ("[R]ecalling the United Nations Framework Convention on Climate Change, the Convention on Long-Range Transboundary Air Pollution and its protocols, and other international environmental agreements with energy-related aspects; and Recognizing the increasingly urgent need for measures to protect the environment, including the decommissioning of energy installations and waste disposal, and for internationally-agreed objectives and criteria for these purposes.").

(331.) See id. art. 19(3)(b) (defining "Environmental Impact" as any effect caused by a given activity on the environment, including "human health and safety, flora, fauna, soil, air, water, climate, landscape and historical monument").

(332.) See Wolfgang Alschner & Elisabeth Tuerk, The Role of International Investment Agreements in Fostering Sustainable Development, in INVESTMENT LAW WITHIN INTERNATIONAL LAW--INTEGRATIONIST PERSPECTIVE (2013) (providing a brief overview of recent UNCTAD research on the relation between international investment treaties and sustainable development).

(333.) See World Trade Organization, Ministerial Conference of 9-14 November 2001, WTO Doc. WT/MIN(01)/DEC/2 (2001).

(334.) See generally Anthea Roberts, Power and Persuasion in Investment Treaty Interpretation: The Dual Role of States, 104 Am. J. OF INT'L L. 179-225 (2010) (arguing that an overemphasis on states as respondents in investor--state disputes has diminished the states' interpretive power in their capacity as treaty parties).

(335.) See North American Free Trade Agreement Free Trade Commission, Notes of Interpretation of Certain Chapter 11 Provisions, [paragraph] 2, July 31, 2001, -nac/NAFTA_interpr-en.asp [] (archived Sept. 20, 2015) (stating, inter alia, that "the concepts of 'fair and equitable treatment' and 'full protection and security' do not require treatment in addition to or beyond that which is required by the customary international law minimum standard of treatment of aliens.").

(336.) See, e.g., Vienna Convention on the Law of Treaties, supra note 117, art. 30 (governing "the rights and obligations of States parties to successive treaties relating to the same subject-matter" and, "subject to Article 103 of the Charter of the United Nations", generally providing that newer treaties will prevail over older ones).

(337.) See Rep. of the Study Group of the International Law Commission: Fragmentation of International Law: Difficulties Arising from the Diversification and Expansion of International Law, adopted by the International Law Commission at its Fifty-eighth Session and Submitted to the General Assembly as a part of the Commission's Report Covering the Work of that Session, U.N. doc A/CN.4/L.682 (2006). at 2 (explaining that the concept lex specialis derogat legi generali is "a generally accepted technique of interpretation and conflict resolution in international law," which indicates that "whenever two or more norms deal with the same subject matter, priority should be given to the norm that is more specific").

(338.) See, NAFTA art. 2012.

(339.) See, e.g., CMS Gas Transmission Company v. The Republic of Argentina, ICSID Case No. ARB/01/8, Award (May 12, 2005).

(340.) Tomer Broude, Warming to Crisis: The Climate Change Law of Unintended Opportunity, INT'LL. FORUM, HEBREW U. JERUSALEM, 7 (2013).

(341.) See Statement by the President of the Security Council, U.N. Security Council, July 20, 2011, S/PRST/2011/15, 7B65BFCF9B-6D27-4E9C-8CD3CF6E4FF96FF9%7D/CC%20SPRST%202011%205.pdf [] (archived Oct. 15, 2015) (also expressing concern that "possible security implications of loss of territory of some States caused by sea-level-rise may arise, in particular in small low-lying island States").

(342.) Climate Change and International Security, Paper from the High Representative and the European Commission to the European Council, SI 13/08, Mar. 14, 2008, [ -9HAX] (archived Oct. 15, 2015).

(343.) See Broude, supra note 340, at 19-20.

(344.) Vuk Jeremic, Address by President of the United Nations General Assembly to the Opening Ceremony of the High Level Segment of COP18/CMP8/ (Dec. 4, 2012), 04122012_copl8_hls_president_un_general_assembly.pdf [] (archived Oct. 15, 2015).

(345.) Broude, supra note 340, at 4-5.

(346.) LG&E Energy Corp. v. Argentine Republic, ICSID Case No. ARB/02/1, Decision on Liability (October 3, 2006).

(347.) See id. [paragraph] 226.

(348.) Id. [paragraph] 204.

(349.) Id. [paragraph] 203.

(350.) Id. [paragraph] 215.

(351.) Id. [paragraph] 216.

(352.) See Rep. of the Study Group of the International Law Commission, supra note 337.

(353.) See, e.g., Vienna Convention on the Law of Treaties, supra note 118, art. 30 (governing "the rights and obligations of States parties to successive treaties relating to the same subject-matter" and, "subject to Article 103 of the Charter of the United Nations", generally providing that newer treaties will prevail over older ones).

(354.) See Rep. of the Study Group of the International Law Commission, supra note 337, at 2.

(355.) See Donald McRae, International Economic Law and Public International Law: The Past and the Future, 17 J. INT'L ECON. L. 627, 635 (2014).

(356.) See Vienna Convention on the Law of Treaties, supra note 118, art. 31.

(357.) See Campbell McLachlan, The Principles of Systematic Integration and Article 31(3)(c) of the Vienna Convention, 54 INT'L COMP. L.Q. 279, 280 (2005).

(358.) See Chemtura Corp. v. Canada, UNCITRAL, Award, [paragraph] 135 (Aug. 2, 2010).

(359.) See Parkerings-Compagniet v. Lithuania, ICSID Case No. ARB/05/08, Award, [paragraph] 369 (Sept. 11, 2007).

(360.) See id. [paragraph] 392 ("The historical and archaeological preservation and environmental protection could be and in this case were a justification for the refusal of the [claimant's] Project.").

(361.) See generally Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal, adopted Mar. 22, 1989, 1673 U.N.T.S. 126, 28 I.L.M. 657 (1989).

(362.) Alain Pellet, The Case Law of the 1CJ in Investment Arbitration, 28 ICSID FOREIGN INV. L. REV. 223, 240 (2014).

(363.) Asian Agricultural Products Ltd v. Democratic Socialist Republic of Sri Lanka, ICSID Case No. ARB/87/3, Award, [paragraph] 21 (June 27, 1990).
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Title Annotation:Continuation of VII. Beyond Known Worlds: Climate Change Governance by Arbitral Tribunals? through X. Conclusion, with footnotes, p. 1319-1351
Author:Vadi, Valentina
Publication:Vanderbilt Journal of Transnational Law
Date:Nov 1, 2015
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