Countries Continue to Pursue Efforts to Increase Transparency in Investor-state Dispute Settlement
In New York last week, a large number of countries, both developed and developing, strongly supported concrete options to ensure transparency in investor-state arbitrations.
However, some delegations continue to actively block progress on these important efforts to improve UN arbitration rules.
A set of procedural rules commonly used to govern investor-state arbitrations was created by a United Nations body, the United Nations Commission on International Trade Law (UNCITRAL), in 1976. In 2008, in response to mounting concerns regarding how these arbitration rules developed by UNCITRAL keep investor-state arbitrations removed from public view, UNCITRAL took action to remedy the situation.
In particular, UNCITRAL formally agreed on the importance of ensuring transparency in investor-state dispute arbitrations and mandated a working group to draft a legal standard that would open those cases up to the public. The working group initiated its work on this issue in 2010, and had its fourth session on the topic during the week of February 6-10, 2012. During that meeting, draft arbitration rules on transparency were strongly supported by a large number of developed and developing countries. However, progress stalled after some countries who attended the working group's session insisted that disputes arising under existing treaties be exempt from the new transparency rules.
You might also be interested in
Could CSDDD Signal A Tipping Point For Corporate Accountability?
This week has seen the EU agree new rules on supply chain due diligence, one of a set of laws passed including action on toxic air, packaging and packaging waste. What the Corporate Sustainability Due Diligence Directive establishes is legal liability for corporates on environmental and human rights issues in the European courts—and that could change the framework of corporate accountability.
Why does the EU want to quit the Energy Charter Treaty?
European lawmakers have backed plans for the EU to exit a treaty that lets fossil fuel firms sue when climate policies hit profits.
EU Parliament agrees to withdraw from Energy Charter Treaty
The bloc's long-mooted withdrawal could halve the number of signatories to a treaty criticized for appearing to protect the interests of fossil fuel investors.
EU votes to leave energy treaty as green rules pushed through
Final plenary session of parliament sees climate legislation passed despite political and industry opposition.