The government of Mauritius triumphed in an investor-state arbitration against a group of United Kingdom property developers who wanted to develop property at a UNESCO World Heritage site on the island.
While policies aiming to phase out coal are necessary to tackle climate change, they may give rise to legal claims from companies whose investments are adversely affected by the low-carbon energy transition.
Gabriel has provided notice to Romania of a dispute with regard to Romania’s application to UNESCO in relation to Roşia Montană and has reserved its right to commence a further arbitration.
Given the present widespread dissatisfaction with investor–State dispute settlement, the ECOWAS Court can provide an alternative to arbitration that is already up and running.
For developing countries, governing foreign direct investment through IIAs and ISDS corresponds to a policy model discredited by years of social and economic failures.
Romania has won the second lawsuit filed against it by brothers Ioan and Viorel Micula, who accused Romania of allowing the development of a black market for the sale of alcohol.