Sustainable Development in World Investment Law
By: Marie-Claire Cordonier Segger, Markus W. Gehring, Andrew Paul Newcombe
About This Book
Sustainable development, as defined by the World Commission on Environment and Development, is "development that meets the needs of the present without compromising the ability of future generations to meet their own needs." More specifically, sustainable development is a process of change that seeks to improve the collective quality of life by focusing on economically, socially, and environmentally sound projects that are viable in the long-term. Sustainable development requires structural economic change and the foundation of that change is investment. In developing nations with low levels of domestic savings, investment predictably comes from abroad in the form of foreign direct investment. A large and ever expanding number of international investment agreements are in place to govern these transactions. While these accords seek to foster development while mitigating the risk involved in these types investments, many questions remain unresolved. This highly insightful book reflects the contributions of a variety of world renowned experts each of which is designed to provide the reader with valuable perspective on recent developments in investment law negotiations and jurisprudence from a sustainable development law perspective. It offers answers to pertinent questions concerning advancements in investment law, including the negotiation of numerous regional and bilateral agreements as well as the increasing number of disputes resolved in the World Bank's International Centre for the Settlement of Investment Disputes (ICSID), from different developed and developing country perspectives. It lays out future directions for new treaty negotiations and dispute settlement proceedings, as well as ongoing investment promotion efforts, against a background of rapidly evolving international relationships between economic, environment and development law. It focuses on key issues in investment laws which have emerged as priorities in the negotiation of bilateral and regional investment agreements, and have been clarified through recent decisions of the ICSID and other arbitral panel awards.
AI Overview
The book "Sustainable Development in World Investment Law" by Marie-Claire Cordonier Segger, Markus W. Gehring, and Andrew Paul Newcombe is a comprehensive analysis of how international investment law can contribute to sustainable development. Here is a detailed overview of the book, including its key themes, plot summary, and critical reception:
Key Themes
Integration of Sustainable Development in International Investment Law: The book focuses on integrating sustainable development principles into international investment law, examining how existing rules, innovations, and best practices in international investment agreements can contribute to sustainable development.
Analysis of International Investment Agreements: The volume analyzes the procedural and substantive dimensions of sustainable development in international investment law, including the investment measures used by other sustainable development treaties and instruments.
Emerging Issues and Proposals: The book addresses emerging issues and proposals related to sustainable development in international investment law, such as climate change, biodiversity, water use, and shared river regimes.
Reform of International Investment Agreements: The authors suggest that the current international investment law system is insufficiently compatible with sustainable development and propose reforms to make these agreements more compatible with sustainable development goals.
Plot Summary
The book is structured into four parts:
- Foundations: This part establishes the foundational principles of sustainable development in international investment law.
- Procedural and Substantive Dimensions: Part II addresses the procedural and substantive dimensions of sustainable development in international investment law.
- Emerging Issues and Proposals: Part III is divided into two sections. The first section examines emerging issues and proposals related to sustainable development in international investment law. The second section focuses on how investment can be promoted through sustainable development treaties, including chapters on climate change, biodiversity, water use, and shared river regimes.
- Conclusions and Future Research Agenda: Part IV provides conclusions that draw out the themes from the volume and outline a research agenda for future studies in this emerging area.
Critical Reception
The book has received positive reviews for its timely contribution to the field of sustainable development in international investment law. However, some critics have noted that the papers are relatively weak on strategic thinking about how to address the considerable barriers that impede reform.
Additional Insights
- Systemic Study: The book presents a systemic study of using conceptual, normative, and governance perspectives to explore the challenges and possible solutions for making international investment law more compatible with sustainable development.
- Reform Suggestions: The authors suggest redesigning the provisions of international investment agreements, improving the structure of these agreements, strengthening the function of soft law, engaging non-state actors, and enhancing the dispute settlement mechanism to better address sustainable development concerns.
Overall, "Sustainable Development in World Investment Law" is a significant contribution to the field, providing a comprehensive analysis of how international investment law can be aligned with sustainable development goals. Its focus on reforming international investment agreements to better address sustainable development challenges makes it a valuable resource for national and international treaty and policy-makers, lawyers, scholars, and graduate students studying international law and policy-making.