Anchoring Sustainable Development in the UNIDROIT–ICC Instrument on International Investment Contracts
A call to stakeholders to engage in the public consultation
The International Institute for the Unification of Private Law (UNIDROIT) and the International Chamber of Commerce (ICC) have released a draft Instrument on International Investment Contracts, which is open for public consultation until September 15, 2026. This brief calls on governments, investors, civil society, project-affected communities, practitioners, and academics—particularly from developing and emerging economies—to engage in the consultation and help anchor sustainable development in the final text.
Key Messages
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UNIDROIT and the ICC have released a draft Instrument on International Investment Contracts, now open for public consultation until September 15, 2026—the first time the text is exposed to stakeholders beyond the Working Group.
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Governments, investors, civil society, and academics—especially from developing and emerging economies—should engage actively in the consultation, given the short window and high stakes for future negotiating practice.
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Three issues deserve close scrutiny: the coherence of the draft's dual objectives, whether its sustainability provisions are operational rather than aspirational, and whether investor protection standards preserve states' right to regulate.
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The final Instrument should make sustainability its core, operational objective and equitably allocate rights and obligations—rather than importing open-ended protections from investment treaty law.
In 2023, UNIDROIT and the ICC launched a joint project aiming to develop a “guidance to foster the modernization and standardization of international investment contracts,” including through principles and model clauses. The first working group meeting of the project took place on October 25, 2023.
The UNIDROIT–ICC project has now developed a draft Instrument on International Investment Contracts (the draft Instrument), which is entering a public consultation phase. Open for 12 weeks from June 24 to September 15, 2026, the consultation offers an important opportunity for governments, investors, civil society, project-affected communities, practitioners, and academics to assess whether the draft reflects the priorities and needs of those who may use it or be affected by it. This is a pivotal moment. Indeed, because the text was developed primarily within the Working Group, this is the first time it has been exposed to the wider community whose input will be essential to its legitimacy, balance, and practical value.
The International Institute for Sustainable Development encourages all interested stakeholders, in particular, developing and emerging economies whose negotiating practice the draft Instrument is intended to inform, to take an active part in the consultation. Given the short window, early and meaningful engagement will be key to ensuring that the draft Instrument is coherent, balanced, and firmly anchored in sustainable development goals.
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