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Environmental Approach of Foreign Investment Insurers

Document Type : Article

Authors

1 Ph.D. in Public International Law, Faculty of Law and Political Science, Allame Tabatabaei University, Tehran, Iran

2 Assistant Prof., International Law, Faculty of Law and Political Science, Ferdowsi University, Mashhad, Iran

Abstract

Macro investing often leads to human rights and environmental challenges. Sustainable investment emphasizes the necessity of foreign investment sustainability and acting within the framework of environmental and social norms. Indeed, Environmental and social assessments are considered a prerequisite for an investment projects’ insurance by foreign-investment insurers, such as OPIC and MIGA. In other words, projects which are not compatible with environmental or social norms are not supported by these institutes. While the projects are being carried out, these institutions monitor them and if any incompatibility with environmental or social norms occurs, the continuance of the insurance coverage will be challenged. Despite these two institutions approach, compatibility of a foreign-investment project with environmental or social norms is not a legal requirement for its insurance. Nonetheless, it can be argued that the insurer must not insure the projects, when there are serious environmental risks or fundamental human rights may be affected as, it would seem that a soft law is forming on the necessity of environmental assessments and not granting insurance coverage to such projects. This paper intends to examine the role of foreign-investment insurers in protecting the environment.

Keywords

References

  1. انگلیسی

    1. A) Books
    2. Brunnee, Jutta (2017), the Sources of International Environmental Law: Interaction Law, Oxford Handbook on the Sources of International Law, Oxford University Press.
    3. Burling, Julian and Lazarus, Kevin (2011), Research Handbook on International Insurance Law and Regulation, Massachusetts, Edward Elgar.
    4. Friedrich, Jurgen (2013), International Environmental "soft law", New York, Springer.
    5. Kinsella, Naomi; Tanago, Eddie; Mesa, Roddy; Warisaiho, Marjorie (2014), Community Level Assessment of the Impact of Mining, INSIS press.
    6. Mcgroarty, Stephen (2015), the World Bank Group A to Z 2016, Washington, D.C, World Bank Group.
    7. Reif, Linda C. (2020), the Ombudsman, Good Governance and the International Human Rights System, Second Revised Edition, BRILL, NIJHOFF.
    8. Romanin Jacur, Francesca (2015), Natural Resources Grabbing: An International Law Perspective, Brill, Nijhoff.
    9. San Jose, Daniel Garcia (2005), Environmental Protection and the European Convention on Human Rights, Strasbourg, Council of Europe Publishing.
    10. Schaffer, Richard et al (2018), International Business Law and Its Environment, 10th Edition, Cengage.
    11. Vinuales, Jorge E (2019), "Sustainable Development" in L. Rajamani, J. Peel (eds.), The Oxford Handbook of International Environmental Law, Oxford University Press, 2nd Edn.

     

    1. B) Articles
    2. Burgi Bonanomi, Elisabeth (2015), "Sustainable Investment in Land in the Global South: What Would it Require from a Coherence Perspective? The Case of Sierra Leone", Questions of International Law, Vol. 21, pp. 17-37.
    3. Boyle, Alan (2012), "Human Rights and the Environment: Where Next?", the European Journal of International Law, Vol.23, No.3, pp. 613-642.
    4. Inniss, Ashton B. (2010), "Rethinking Political Risk Insurance: Incentives for Investor Risk Mitigation", Southwestern Journal of International Law, 16(2), pp. 477-506.
    5. Jensen, Nathan M. (2008), "Political Risk, Democratic Institutions, and Foreign Direct Investment", the Journal of Politics, 70(4), pp. 1040-1052.
    6. Klarin, Tomislav (2018), "The Concept of Sustainable Development: From its Beginning to the Contemporary Issues", Zagreb International Review of Economics & Business, Vol.21, Nol.1, pp. 67-94.
    7. Masser, Adam L. (2009),"the Nexus of Public and Private in Foreign Direct Investment: An Analysis of IFC, MIGA, and OPIC", Fordham International Law Journal, Vol.32, No.5, pp. 1698-1743.
    8. Okaru-Bisant, Valentina (2011), "Proposals to Combat the Multilateral Investment Guarantee Agency's Deficiencies: Promoting Private Water Investments and Preventing Corruption and Consumer Risks", Sustainable Development Law Journal, Vol.14, No.1, p. 1.
    9. Okaru-Bisant, Valentina (2012), "Overcoming Challenges in the Multilateral Investment Guarantee Agency's Risk Insurance Coverage to Private Water Investors: Corruption and Consumer Risks", South Dakota Law Review, No.57, No.2, p. 277.
    10. Puckett, Blake (2008), "the Foreign Corrupt Practices Act, OPIC, and the Retreat from Transparency", Indiana Journal of Global Legal Studies, Vol.15, No.1, pp. 149-176.
    11. Roht-Arriaza, Naomi (2018), "Safeguarding Development: Risk Reduction in US Government Foreign Aid and Investment Facilitation Beyond the Current Patchwork", Hastings Environmental Law Journal, Vol.24, No.2, pp. 311-330.
    12. Thepparat, Phimolsathien (2015), "Customary International Law and General Principles Law and the Protection of the Environment", International Journal of Social Science and Humanity, Vol.5, No.9, pp. 816-821.
    13. Waters, James J. (2015), "A Comparative Analysis of Public and Private Political Risk Insurance Policies with Strategic Applications for Risk Mitigation", Duke Journal of Comparative & International Law, Vol.25, pp. 361-384.

     

    1. C) Cases and Documents 
    2. African Charter of Human and Peoples Rights (OAU Doc. CAB/LEG/67/3), 1982 entered into force 1986. Available at:

    http://www.achpr.org/files/instruments/achpr/banjul_charter.pdf

    1. Canada Model BIT, 2004, available at:

    https://www.italaw.com/documents/Canadian2004-FIPA-model-en.pdf

    1. CAO Dispute Resolution Conclusion Report - Oyu Tolgoi 01 &02/Southern Gobi, May 2020. Available at: http://www.cao-ombudsman.org/cases/document-links/links-196.aspx
    2. Declaration of the United Nations Conference on the Human Environment (UN Doc. A/CONF.48/14) 1972. Available at: http://www.un-documents.net/unchedec.htm
    3. Development and Environment (UNGA. A/RES/2849 (xxvi), 1972. Available at: https://documents-dds-ny.un.org/doc/RESOLUTION/GEN/NR0/328/65/IMG/ NR032865.pdf?OpenElement
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    5. ICJ, Case Concerning Pulp Mills on the River Uruguay (Argentina/Uruguay) judgement of 20 April 2010, (Sep. Op. Judge Cancado Trindade).
    6. Mehr PetroChemical Company (JV). Available at:

    http://www.miga.org/project/mehr-petrochemical-company-jv

    1. MIGA Exclusion List, available at: https://www.miga.org/guidelines-policy
    2. MIGA, Performance Standards (2013),available at:

    https://www.miga.org/sites/default/files/archive/Documents/performance_standards_env_and_social_sustainability.pdf

    1. MIGA, Policy on Environmental and Social Sustainability, Oct. 2013, available at: https://www.Policy_Environmental_Social_Sustainability.pdf&usg
    2. MIGA, Policy on Social and Environmental Sustainability, Oct. 2007. Available at: https://www.miga.org/sites/default/files/archive/Documents/Policy-Environment-Social-2007.pdf
    3. NAFTA, Available at: http://www.sice.oas.org/trade/nafta/chap-01.asp
    4. OPIC- Environmental and Social Policy Statement (ESPS) (2010), available at: www.opic.gov/sites/default/files/consolidated_esos.pdf. Last version (2017) available at:

    www.opic.gov/sites/default/files/final%20revised%20esps%2001132017(1).pdf

    1. OPIC Environmental Hand Book(2004), available at:

    www.opic.gov/sites/default/files/docs/opic_env_handbook.pdf

    1. Rio Declaration on Environment and Development (UNGA A/CONF.151/26, 1992) available at: http://www.un.org/documents/ga/conf151/aconf15126-1annex1.htm
    2. Transforming our world: the 2030 Agenda for Sustainable Development (2015), available at:

    https://sustainabledevelopment.un.org/post2015/transformingourworld

    1. US Model BIT, 2012, available at:

    https://ustr.gov/sites/default/files/BIT%20text%20for%20ACIEP%20Meeting.pdf

    1. World Charter for Nature (UNGA.A/RES/37/7),1982. Available at: http://www.un.org/documents/ga/res/37/a37r007.htm

     

    References in Persian

    1. A) Books
    2. Shiravi, Abdolhossein (2019), International Trade Law, Tehran: Samt (In Persian).

     

    1. B) Articles
    2. Formation and Development of "Future Generation Rights" Concept in International Environmental Law, J.Env. Sci. Tech., Vol 18, No.3, pp. 165-180(In Persian).
    3. KadKhodaei, Abbasali & Salari, Asma (2018), “Precautionary in International Law: A Customary Principle or a General Principle of Law?”, Public Law Research, Vol. 20, No.59, pp. 33-63 (In Persian).
    4. Nesari, Elnaz & Zamani, Seyyed Ghasem (2018), Environmental Expropriation in Foreign Investment Arbitration Practice. CLR. Vol. 22, No.3, 105-136 (In Persian).
Public Law Studies Quarterly
Volume 52, Issue 4
Winter 2023
January 2022
Pages 1969-1992
Files
History
  • Receive Date: 07 May 2019
  • Revise Date: 29 September 2020
  • Accept Date: 07 December 2020
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