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The Dawn of a New Era

Advancing ESG Obligations in Arbitration through Plurilateralism

In: The Journal of World Investment & Trade
Authors:
Mélida Hodgson Arnold & Porter New York, NY United States

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Kabir Duggal Arnold & Porter New York, NY United States

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Katelyn Horne Arnold & Porter Washington, DC United States

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Ana S. Pirnia Arnold & Porter Washington, DC United States

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Abstract

This article discusses the promising role of plurilateral agreements in international investment, particularly how these agreements can integrate ESG (Environmental, Social, and Governance) criteria into the investment protection landscape. Existing investment agreements have been slow to incorporate ESG considerations, which are becoming increasingly important due to global focus on human rights and environmental protection. At the same time, there is increasing resistance toward traditional bilateral and multilateral investment agreements by States concerned with an encroachment on their right to regulate on issues concerning the public welfare. Plurilateral agreements, which involve a subset of countries focusing on specific issues, offer a potential solution to embed ESG standards within investment arbitration frameworks. Plurilateral agreements offer a more flexible and rapid mechanism for incorporating ESG standards compared to more comprehensive multilateral agreements. Plurilateral agreements could also begin to replace bilateral investment agreements or bring an additional layer of uniformity with respect to the complex web of bilateral investment treaties currently in force.

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