Stockholm initiative for green investments celebrated in New York
On September 28, the winners of the global innovation contest Stockholm Treaty Lab were celebrated at a conference held in conjunction with the UN General Assembly.
The Stockholm Treaty Lab is a global innovation contest that crowdsources law to boost “green investments” globally. It builds on the idea that investment law can be used to encourage foreign investment in green and sustainable technologies and services.
“Enormous investments are needed in areas like green aviation, renewable energy, and carbon capture and storage. But investors hesitate because of the high risks involved, and this is where international law comes in,” says SCC Secretary General Annette Magnusson.
The innovation contest required teams to draft a model international treaty that, if adopted by states, would generate investments in climate change mitigation and adaptation. The challenge was accepted by more than 20 teams from across the globe. Participants included lawyers, environmental scientists, policy advisers, entrepreneurs, climate diplomats, and experts in energy investment and sustainable finance.
In assessing each team’s submission, the Treaty Lab jury considered whether the draft treaty was compatible with the Paris Agreement and the Sustainable Development Goals, and whether it had realistic potential to be adopted by states. The jury also assessed how each team balanced the states’ needs and interests against those of potential investors.
“Two of the participating teams stood out for their innovative approaches. Both had drafted model treaties that would incentivize and protect investments for the benefit of our global climate,” Magnusson explains.
At the New York conference organized by Columbia University’s Center on Sustainable Investment, the two commended teams presented the main ideas behind their model treaties to an audience of investment law specialists, academics and state representatives. They also participated in the filming of a short video, produced by Wolters Kluwer, on the topic of green investment law.
In November, the teams will participate in promoting the Stockholm Treaty Lab at the Paris Peace Forum, a new initiative by French president Emmanuel Macron.