The Energy Charter Treaty and settlement of disputes - current challenges

Author:Iuliana Gabriela Iacob - Ramona Elisabeta Cirlig
Position:Lawyer, Bucharest Bar, Romania - Lawyer, Bucharest Bar, Romania
Pages:71-83
SUMMARY

The Energy Charter Treaty (the "ECT") is a multilateral agreement aiming to promote energy cooperation and security. This paper focuses on the provisions of the ECT governing the protection of foreign investments and the settlement of disputes between investors and host states. In particular, this paper analyses the recent developments and challenges in the field of dispute settlement under the... (see full summary)

 
FREE EXCERPT
The Energy Charter Treaty and settlement of disputes current
challenges
Iuliana-Gabriela IACOB
1
Ramona-Elisabeta CIRLIG
2
Abstract
The Energy Charter Treaty (the “ECT”) is a multilateral agreement aiming to
promote energy cooperation and security. This paper focuses on the provisions of the ECT
governing the protection of foreig n investments and the settlement of disputes b etween
investors a nd host states. In particular, this paper analyses the recent developments and
challenges in the field of dispute settlement und er the ECT, such as the increase in
arbitrations, the withdrawal of Italy from the ECT, as well as the interplay between EU law
and the ECT.
Keywords: the Energy Charter Treaty, foreign investment protection, dispute
settlement, investment arbitration, European Union law
JEL Classification: K33, K41
` 1. Introduction
In recent years, energy has become a central topic of debate for the
international community
3
. Energy efficiency
4
, increased collaboration in the field
of energy
5
and strong energy markets have been described as essential factors to
achieve sustainable development and economic growth. A priority for numerous
countries, development of the energy infrastructure entails complex long-term
projects reliant on foreign investments
6
. In search for development opportunities,
1
Iuliana-Gabriela Iacob Lawyer, Bucharest Bar, Romania, iuliana.iacob@musat.ro .
2
Ramona-Elisabeta Cirlig - Lawyer, Bucharest Bar, Romania, ramona.cirlig@musat.ro .
3
Tomasz Bąk, Potential Impact of the Energy Charter Treaty on FDI Promotion and Protection in view of
Global Trends, Energy Governance and Possible Actions towards ECT Non-Members, Energy Charter
Secretariat, Knowledge Centre 2013, p 4, available at: http://www.energycharter.org/ fileadmin/
DocumentsMedia/Occasional/ECT_and_FDI.pdf, last accessed 17 November 2015.
4
UN Document The Future We Want endorsed by the UN Conference on Sustainable
Development, June 2012, p 34, available at https://su stainabledevelopment.un.org/content/
documents/733FutureWeWant.pdf, last accessed 17 November 2015.
5
G20 Leaders’ Communiqué, Brisbane G20 Leaders’ Summit, 15-16 November 2014, available at:
https://g20.org/wp-content/uploads/2014/12/brisbane_g20_leaders_summit_communique1.pdf, last
accessed 17 November 2015.
6
Félix J. Montero and Laura Ruiz, The concepts of Investor and Investment under the ECT and the
legal standing to bring arbitrations un der the ECT, Spain Arbitration Review, Wolters Klu wer
España 2015, Volume 2015, Issue 23, pp. 79 94.

To continue reading

REQUEST YOUR TRIAL