Campaigners are urging reform of an obscure system that allows coal, oil and gas companies to sue governments if climate policies hit their profits.

Multinational companies will increasingly file massive cases against host countries when climate change policies affect their profits, Nobel Prize-winning economist Joseph Stiglitz said.

Caribbean States and investors are not only participating, but being harmed by the ills and abuses of the current system of ISDS.

The 37th session in New York was devoted to addressing and identifying some additional concerns and creating a workplan for carrying out phase three of the mandate—developing possible ISDS reform options.

But legality should not be our main concern here. There are much better approaches to international investment and we should be considering them.

Si el régimen pretende apoyar el desarrollo, y superar la crisis de legitimidad que enfrenta el régimen internacional de inversiones, se requiere algo más que una reforma procesal de la ISDS.

Si l’on souhaite que le régime international des investissements soutienne plus efficacement le développement, et surmonte la crise de légitimité à laquelle il fait face, il faudra plus que de simples réformes procédurales du RDIE

If the investment regime is to be made supportive of development and overcome its legitimacy crisis confronting, something more is required than procedural reforms to ISDS.

The proposed amendments signal an effort to improve the procedural rules governing ICSID arbitration, but fail to appropriately address many concerns expressed and fall short of promoting meaningful reform of investor–state dispute settlement (ISDS).

Seuls les Etats du pays dont dépend l’investisseur étranger devraient pouvoir saisir une justice spécialisée sur le sujet des investissements, si la loi nationale ou la décision des autorités publiques s’avère contraire à un accord international signé.