Framework for Achieving Sustainability in Investment Decisions: Refl ections on Rio+20
Emeseh, Engobo Aboah, A. Barmakhshad, H.
Emeseh, Engobo
Aboah, A.
Barmakhshad, H.
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01/03/2014
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Abstract
The quest for environmental protection alongside economic development has
been one of the prominent themes of political and legal discourse for several decades. This
article examines the extent to which the principle of sustainable development (introduced
under the Rio Declaration 1992) as a conceptual framework for balancing these competing
goals has been integrated within the international investment law regime. It does this
by examining decisions of investment tribunals on disputes relating to the legitimacy of
government measures on environmental grounds. The analysis evidenced a lack of clear
principles and mechanisms for balanced consideration of all competing interests; with the
outcome being generally the subordination of environmental concerns to the protection of
investors’ economic interests under international investment law. This supports criticism
that although sustainable development has become one of society’s most sought-after goals,
progress towards achieving this has been frustratingly slow. Against this background, the
article goes on to determine whether the outcomes from the hugely anticipated Rio+20
Conference provided a framework or mechanisms that could promote sustainability
integration in investment arbitrations. The article fi nds that while the outcome document
from the main Rio+20 Conference did not provide such a framework, the Declaration from
the Judge’s Conference, which was organised by UNEP and held simultaneously in Rio,
provided some principles and mechanisms that, if fl eshed out, could contribute towards
better integration of sustainability in the investment regime.
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Emeseh E, Aboah A and Barmakhshad H (2014) Framework for Achieving Sustainability in
Investment Decisions: Refl ections on Rio+20. Environmental Law Review. 16(1): 21-41.
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