Serious momentum has built around the sustainable finance agenda in Europe. Building on the creation of the EU High-Level Expert Group on Sustainable Finance, the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) and an increasing number of civil society programmes focused on finance, the conditions are right to achieve a greater shift of the system, towards the delivery of investment practices that truly serve savers, society and the environment. Substantial effort is needed to ensure that private capital accelerates the delivery of the Sustainable Development Goals and the Paris Agreement on climate change. No sector can achieve this task in isolation, which is why we are again bringing together leaders from Europe’s investment sector, civil society and policy community to debate and shape the future of investment in the region.
The Belgian government has today announced that it will refer to the European Court of Justice the question of whether the investment tribunals in the EU-Canada trade deal CETA are consistent with EU law.
In recent years, investment treaties – and tribunal and arbitration decisions enforcing their terms – have proliferated, along with a debate about their merits. Proponents of bilateral investment treaties argue that they provide mutual benefit to states and investors: providing protection and enforceable rights to investors and encouraging the foreign investment necessary for states’ economic prosperity and development. Detractors argue that investment treaties have in practice allowed already powerful corporations the ability to require governments to compensate for legitimate economic and social policy decision-making, crippling the ability of governments in developing states to legislate for the benefit of their people. Those on both sides of the debate have raised questions about the lack of transparency in the investment tribunal and arbitration processes.
Doughty Street Chambers and Chatham House are delighted to host a debate between prominent policymakers and legal practitioners to discuss recent legal and policy developments in the area of investment law.
This event will be followed by a drinks reception.
Today, the High Representative of the European Union for Foreign Affairs and Security Policy/Vice-President of the European Commission, Federica Mogherini, and Australian Minister for Foreign Affairs, Julie Bishop, signed the EU-Australia Framework Agreement.