What Process is Due
AIIB Yearbook of International Law 2018
Edited by Peter Quayle and Xuan Gao
This volume concludes with the text of the 2017 AIIB Law Lecture, delivered by the United Nations Under-Secretary-General for Legal Affairs and Legal Counsel, Miguel de Serpa Soares on the subject of ‘The Necessity of Cooperation between International Organizations’ and a summary report on the proceedings of the 2017 AIIB Legal Conference.
The first volume of AYIL was launched at the Annual Meeting of the Board of Governors of the AIIB in Mumbai, India, June 2018.
A Contemporary View
C. King Chanetsa
One of the objectives underlying the Belt and Road Initiative is to improve energy co-operation in areas such as energy infrastructure and exploration and development of energy resources. Most Central Asian States are situated along the Silk Road Economic Belt. At the same time those States are members of the Energy Charter Treaty. This treaty provides a multilateral framework for co-operation and investment protection in the energy sector. This contribution explores three aspects of the ECT (definition of investment and investor, dispute settlement and ECT jurisprudence, and energy transit) which could facilitate for China to achieve its energy objectives within the Belt and Road Initiative, were China to become a member of the ECT.
Most Chinese overseas energy investments financed by China’s development banks flow into fossil fuel extraction and coal-fired plants. The carbon intensity of Chinese foreign energy investments imposes environmental and social costs on host states. Building on the literature related to the environmental reform of the World Bank, this article critically analyses the carbon-intensive projects backed by China’s development finance in Central Asia. It shows that China’s energy investments in the region will face increasing carbon-related regulatory risks. So far, the transition towards a more environmentally-driven development policy has been limited in China. However, the increasing importance of climate regulations in host countries is likely to induce fundamental changes to the project-screening process of China’s energy development finance.
As the world’s largest energy consumer, China’s energy security policies have significant implications for global, regional and national energy governance. However, the legal dimension of China’s external energy security remains understudied, with most attention in the energy law literature focused on EU and US energy security. This Special Issue studies the legal aspects of Chinese external energy cooperation by focusing on energy trade and investment under the ‘Belt and Road Initiative’ – the Chinese foreign policy concept aiming to promote regional and global economic integration through infrastructure interconnectivity. Three research questions govern the Special Issue. How does China’s external energy policy rely on, and impact on, regional and global energy market governance? How does China seek to protect its foreign energy investments? How does China’s external energy policy impact on host countries’ energy and investment laws?
Marc Bungenberg and Angshuman Hazarika
Energy investments from China have been flowing into the European Union (EU) over the last decade at an increasing rate. Part of these investments are made under China’s Belt and Road Initiative (BRI) and involve Chinese State-owned Enterprises (SOEs). This flow of investments into critical sectors such as energy infrastructure and generation has raised considerable concern over their potential national security implications and prompted the European Commission to prepare new legislation to screen foreign investments in critical sectors, including energy. The new EU regulations complement existing investment screening mechanisms in a number of EU member states, and the application of EU merger control law. This article looks at the different screening and clearance mechanisms which Chinese investments in the energy sector may have to pass in the EU and aims to show how these screening mechanisms are used in practice.
This article examines the coordinated energy policy of the Eurasian Economic Union (EAEU) and the regulatory framework of the emerging Eurasian Common Energy Market as applied to its three major components: the Common Electric Power Market, the Common Gas Market and the Common Market of Petroleum and Petroleum Products. It aims to explore the issue of the potential impact of the EAEU energy policy and its associated regulatory framework on the Belt and Road Initiative (BRI). The article argues that the operation of the Eurasian Common Energy Market will have a positive impact on the BRI project by harmonization and/or unification of energy-related regulations across a significant part of the New Silk Road as well as by the liberalization of the energy markets of EAEU Member States, bringing greater competition and abolishing barriers to trade between EAEU Member States in energy and related equipment, technology and services.