To do so, it first sets out relevant international civil liability principles that could be incorporated. Secondarily, it analyzes the tools available for such incorporation. International civil liability conventions have been negotiated to deal with the consequences of certain specific ultra-hazardous activities, such as nuclear damage  and oil pollution damage. In general, international civil liability conventions have had low rates of ratification and entry into force.
However, where the relevant convention did enter into force, the application of the principles listed above has been particularly successful in ensuring compensation to the victims. This is the case of oil pollution damage, where the regime set out under the Civil Liability Convention and related agreements have ensured the payment of more than GBP million in compensation since The incorporation of international civil liability principles into IIAs could grant the host state and its citizens an additional and powerful safeguard against the adverse effects caused by hazardous economic activities of foreign investors.
Such incorporation would, on the one hand, ensure adequate protection to the victims of environmental damage, by providing them access to prompt and adequate compensation, and, on the other hand, facilitate the restoration of the affected environment to its original condition. This would allow avoiding the risk of restricting liability to investments in certain activities, while at the same time omitting certain equally dangerous activities to which no liability would attach.
For example, IIAs could incorporate the provisions of certain international civil liability conventions relating to the adoption of preventive or reinstatement measures.
In this case, the investor would be required to put in place all necessary preventive measures to avoid serious and imminent danger of environmental damage caused by its investment activity in the host state. If environmental damage has already occurred, the investor would instead be required to take all practicable and necessary measures to reduce, contain or manage the damage and restore the environment to its original condition. In both cases under a. While the inclusion in IIAs of environmental investor obligations or provisions imposing liability on investors for environmental damage is—at least theoretically—straightforward, the incorporation of an additional tier of compensation in IIAs may be harder to achieve.
Civil liability regimes have followed two different approaches to additional compensation mechanisms: one, followed by the nuclear liability conventions, requiring state parties to make available public funds in the event of nuclear accidents, and the other, adopted by oil pollution conventions, establishing international funds financed through industry contributions. Of these two models, the first option could be more easily integrated into IIAs, as the agreement could simply provide that states parties must make available public funds to cover environmental damage caused by investments of their nationals in the territory of the other party.
Gilles Cuniberti. Development Economics in Action. Tony Killick. Transnational Commercial Law. Roy Goode. Anthony Arnull. Eric De Brabandere. Proportionality and Deference in Investor-State Arbitration.
Caroline Henckels. Multilateralism and Regionalism in Global Economic Governance. Junji Nakagawa. Uneasy Partnership. Geoffrey Hale. David D. EU Energy Law and Policy. Kim Talus. The Three Laws of International Investment. Jeswald W. Globalization, Marginalization and Development.
Mansoob Murshed. Arbitration in China. Giovanni Pisacane. Injury and Causation in Trade Remedy Law. James J. Regionalism and Global Economic Integration. William D.
The Foundations of International Investment Law. Zachary Douglas. Foreign Aid for Development. George Mavrotas. Common Commercial Policy after Lisbon. Marc Bungenberg. Yong-Shik Lee. The Indonesian Labour Market. Shafiq Dhanani. Clyde Croft. Arbitration of International Business Disputes. William W. Economic Governance in the Age of Globalization. William Tabb. Choice of Venue in International Arbitration. Michael Ostrove. UN Millennium Project. Applicable Law in Investor-State Arbitration. Hege Elisabeth Kjos. Dr Mavluda Sattorova. Regulating Europe. Giandomenico Majone. Judicial Acts and Investment Treaty Arbitration.
Berk Demirkol. International Migration Outlook Irmgard Marboe. Poverty and the International Economic Legal System. Krista Nadakavukaren Schefer. Aid and the Political Economy of Policy Change. The Law of Investment Treaties. Public Services and International Trade Liberalization. Barnali Choudhury.
All in all, as Asian countries become aware of the need to engage more critically and actively with international investment law, their role in the field is likely to become more important. Expand All Collapse All. OK, close. Fabrizio Gilardi. This suggests that the international investment law of the future may become more balanced and, above all, more representative. Alternative Dispute Resolution. David D.
Enforcement of Investment Treaty Arbitration Awards. Its content is insightful, wide reaching and flirts with the utmost frontier of international investment law. Although an abundance of works address the subject, this volume stands out as a text from which both practitioners and academics may equally benefit and draw inspiration.
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