Damages
S2 | Ep2: Secret Tribunals
Apr 29, 2022
The podcast discusses the misuse of international arbitration by corporations and its impact on environmental laws and human rights. It explores examples of corporations challenging environmental regulations and the lack of transparency in the arbitral system. The relationship between international arbitration panels and domestic court systems, as well as the concept of exhaustion of domestic remedies in investment arbitration, is also explored.
44:27
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Quick takeaways
- International arbitration allows corporations to sue countries over changes in laws that affect their profits, posing a challenge to climate action.
- The international investment arbitration system lacks accountability and transparency, and is often used by corporations to discipline governments that regulate in the public interest.
Deep dives
The Problem with International Arbitration
International arbitration is a major problem for climate action as it grants corporations power to sue countries over changes in laws that affect their profits. In these arbitration cases, three panelists, one appointed by the corporation, decide whether the country should compensate the corporation for lost profits. Environmental laws have been challenged in multiple cases, including a complaint against the US government for canceling the Keystone XL pipeline. The closed and non-transparent nature of these arbitrations raises concerns about accountability and fairness.
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