Published: June 2017Contents
i) What are the hot topics?
Perhaps the hottest topic in the field today is the application of investment treaties to renewable energy. By my count, there are almost 50 major arbitrations pending today brought by investors in renewable energy. Most investors complain that after they made their investment, the host State changed the terms of the deal that they invested in. We should see a stream of awards in these cases come out beginning this year.
ii) Tell us about any key legal developments – recent or pending – and their international impact.
The big news looking forward is the uncertainty as to the approach to investor-state dispute settlement of two major capital exporters historically active in the field – the United States and the European Union. The new administration in Washington has expressed its intent to withdraw from the Trans-Pacific Partnership. But the administration’s approach to investor-state dispute resolution in particular is not apparent. The European Union is exploring alternatives to ISDS, but its preferred alternative has not yet taken shape. These developments (or potential developments) may have significant international impact. Or they may not. Stay tuned.
iii) What are the biggest opportunities and challenges for practitioners and clients?
The biggest challenge for practitioners and clients is keeping up with the flow of new developments and jurisprudence in the field. There was a significant increase in the number of investment treaty arbitrations registered in the first years of this decade. These cases have come or are now coming to conclusion. The result today is more and more awards being published, making it hard for practitioners to keep up. The Investment Treaty Arbitration Review, happily, provides practitioners and clients a great opportunity to remain updated on developments relevant to issues presented in their matters.
Allen & Overy London
Allen & Overy Paris