Executive Summary

The proliferation of climate change regulation has resulted in increasing entanglement with investment law. Environmental measures are a significant source of new investment disputes, and as States continue to take steps to curb climate change, the tension between the two fields will grow. Resolving that tension will increasingly require tribunals to grapple with complex evidence concerning scientific justifications for, and efficacy of, environmental regulation. Investment arbitration decisions to date evince no consistent or coherent framework for the treatment by tribunals ...