Environmental, Social and Economic Development Provisions in Investment Contracts
A Resource for Government Lawyers in the Commonwealth
It is increasingly recognised that sound investment contracts between foreign investors and host states can play an important role in helping countries to meet the Sustainable Development Goals (SDGs). At the same time, many current investment relationships lack fairness and balance. This book helps government drafters and reviewers of investment contracts to achieve fairness and balance in investment relationships with respect to environmental, social and economic development matters. As well as providing detailed guidance on drafting sustainability provisions in investment contracts, it highlights issues concerning the relationship between domestic law and investment contracts, and the need for these two legal elements to be developed in a symbiotic way.
Contents
Preface
Acknowledgements
List of Figures and Boxes
Abbreviations and Acronyms
About the Authors
1. Background and Rationale
1.1 How this Resource came about
1.2 The scope of the Resource
1.3 Key audiences
2. Lessons Learned from Contracts and Models
3. The Laws Governing Foreign Investments: Getting the Relationships Right
4. Guidance on Drafting Environmental, Social and Economic Sustainability Provisions in Investment Contracts
4.1 Sustainable development objectives in a contract
4.2 Due diligence on environmental, social and economic obligations
4.3 Manage negative and positive environmental and social impacts
4.4 Maximise opportunities for local economic and social development
4.5 Anticipate and manage climate change risks
4.6 Project must respect human rights
4.7 Engage with stakeholders and address their concerns
5. Related General Guidance for Contracts
5.1 Ensure third-party rights are protected
5.2 Transparency of contracts
5.3 From enforcement to compliance promotion: Monitor and report on project performance and material events
5.4 Applicable law
5.5 Avoid stabilisation of non-fiscal laws
5.6 Dispute avoidance and dispute settlement
Annex: Summary of Guidance
Suggested Reading
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