Conflicts between foreign investment law and environmental law are becoming increasingly frequent. On the one hand, the rise of environmental regulation poses significant challenges to foreign investors in several industries. On the other, the surge in investment arbitration proceedings is making States aware of the important litigation risks that may result from the adoption of environmental regulation.
A new book by Professor Jorge E. Viñuales published this month by Cambridge University Press entitled Foreign Investment and the Environment in International Law provides the first comprehensive analysis of the relationship between these two areas of law both from a policy and a practical perspective. The book identifies the major challenges facing States, foreign investors and their legal advisers as a result of the potential friction between investment law and environmental law and provides a detailed evaluation of all the major legal issues on the basis of a comprehensive study of the jurisprudence from investment tribunals, human rights courts and bodies, the ICJ, the WTO, the ITLOS, the CJEU and other adjudication mechanisms.
Asked about his forthcoming book, Professor Viñuales pointed out that “it is not sufficient to look at the consistency of environmental measures with investment disciplines. The consistency of investment schemes with environmental standards must also be analysed. Otherwise, we miss half of the picture”. He adds that his purpose in writing this book was “to map and analyse all the major legal issues raised by the relationship between investment and environmental protection; to offer a broad conceptual framework that can be used to frame a diverse array of issues in an integrative manner; and to provide a prospective analysis of the evolution of investment law and environmental law in the years to come”.
Faculty member since 2009, Professor Jorge Viñuales holds the Pictet Chair in International Environmental Law. He is a Member of the Committee of Foreign Lawyers of the Geneva Bar as well as the Executive Director of the Latin American Society of International Law. Professor Viñuales is also active as a practitioner in the fields of international environmental law and international investment law and arbitration.
Jorge E. Viñuales is Director of the Institute's new Executive LL.M. in International Law programme.