Environment needs visionary treaty drafting
Enforcement of treaty terms using ISDS could make substantial contributions to mitigate climate change. This was one of the main points in a recent speech by SCC Secretary General Annette Magnusson.
Investments and innovative drafting of future treaties is of key importance to enhance measures for sustainable development, including actions to mitigate climate change, said Annette Magnusson at the EFILA Conference in London.
It is widely recognized that international environmental law lacks efficient enforcement mechanisms in matters of climate change and sustainable development. It is also clear that private investments will be needed to meet these challenges.
In her speech Ms. Magnusson stressed the role of private investments to meet environmental goals.
“Private companies can be frontrunners in sustainable development; as direct purchasers of renewable energy, as well as producers of renewable energy”.
She also noted that “according to a recent report from UNCTAD, foreign direct investment plays a key role in building low-carbon economies by bringing in capital and green technology”.
Rather than carve-outs, environmental measure thus need enhancement in future treaties.
Ms. Magnusson concluded that to combat climate change it is important to continue to be progressive when drafting future treaties, and that inspiration may be sought from how ICSID was once created and the development of international law since.