International Responsibility Foreign Investors with respect to the Environment

Subject Areas : environmental low

Mojtaba Ansarian ¹ , shirin shiraziam ²

1 - Ph.D. in International Law, Assistant Professor Payame Noor University, Tehran Iran. *(Corresponding Author)
2 - Assistant Professor, Faculty of Natural Resources and Environment, Department of Environmental Law, University of Science and Research, Islamic Azad University, Tehran, Iran.

Received: 2018-05-23 Accepted : 2021-05-29 Published : 2021-12-22

Keywords: International Environmental law, International Responsibility, Transnational Corporations, Foreign investment,

Abstract :

The domain of investment law and environmental law is similar. In fact, if there is not environment and its components insist of air, soil and water there will not be any investment, production, accumulation of capital and consumption. Therefore, everyone with every role should act in the process of maintaining and upbringing the environment, in which the role of the prominent investors is highlighted. Today, it has been specified by all countries that their entry into the competitive international trade market and the promotion of the welfare of society and security in all its dimensions require the attraction of foreign investment.Many countries that want to attract more and more capital into their country are adopting laws which encourages investors to be present in that country, on the other hand, will end the environment in the long run. Transnational corporations also tend to invest in country that are more environmentally easier. In the meantime, it should be seen with a prospect that the only major inflow of capital would not be generating public benefit but the presence of capital with proper and management consumption and the protection of the environment, which fulfills national and global interests.The question of present research is how can besides governments and international organizations, be considered internationally responsibility such as foreign investors in the event of environmental degradation. It is assumed that in the event of environmental degradation, even the consent country investable would be an international liability to investor. 

References:

1. Ziaei Yasser, (2014), Position of Environmental Obligations in International Investment Law, Quarterly Journal of Public Law Research, Vol. 14, No. 42. (In Persian)


2. Susan Breau, The Responsibility to Protect in International Law: An Emerging Paradigm Shift, (2016), Routledge Research in International Law.


3. Hung-Gay Fung, Sheryl A. Law, Jot Yau, (2010), Socially Responsible Investment in a Global Environment, Cambridge University Press.


4. Yung-Tse Hung, Yung-Tse Hung, Nazih K Shammas, Lawrence K Wang, (2013) Handbook of Environment and Waste Management: Volume 2: Land and Groundwater Pollution Control, World Scientific Publishing Company.


5. Kandi Brown, William L Hall, Marjorie Hall Snook, Kathleen Garvin, (2010) Sustainable Land Development and Restoration: Decision Consequence Analysis, Elsevier Publication.


6. Alexander Case, Peter H, Sind, Winfried Lance (2007), Environmental Law, Translation by Mohammad Hosein Habibi, Volume 3, Tehran University Press. (In Persian)


7. Dorceta Taylor, (2014)Toxic Communities: Environmental Racism, Industrial Pollution, and Residential Mobility, NYU Press.


8. Sornarajah, (2015) Resistance and Change in the International Law on Foreign Investment, Cambridge University Press.


9. ICJ Rep., The Case Concerning Gabcíkovo-Nagymaros Project, 1997


10. http://www.icj-cij.org/files/case-related/152/18860.pdf..


11. Hepburn, Jarrod, (2017), Domestic law in international investment arbitration, International economic law series (Oxford England), Oxford University Press.


12. Tayebi, Sobhan (2017), Environmental Diplomacy and its Impact on International Interactions and Global Peace, Tehran: Khorsandi Publishing. (In Persian)


13. Dorceta Taylor, (2014)Toxic Communities: Environmental Racism, Industrial Pollution, and Residential Mobility, NYU Press.


14. Meera Fickling, Jeffrey J. Schott, (2011), NAFTA and Climate Change, Peterson Institute


15. Eike Albrecht, Michael Schmidt, Magdalena Mißler-Behr, Simon P. N. Spyra, (2014), Implementing Adaptation Strategies by Legal, Economic and Planning Instruments on Climate Change, Environmental Protection in the European Union 4, Springer-Verlag Berlin Heidelberg , p87.


16. Sornarajah, (2015) Resistance and Change in the International Law on Foreign Investment, Cambridge University Press,p 67.


17. Stephans, Tim,(2012), International Courts and Environmental Protection, (Cambridge Press).


18. Corcoran, Peter Blaze; Wals, Arjen E. J.; Weakland, Joseph P, (2017), Envisioning futures for environmental and sustainability education, Wageningen Academic Publishers, p16.


19. Hepburn, Jarrod, opcit, p46.


20. Tayebi, opcit, p 200.


21. Kryvoi, Yaraslau, (2010) International Centre for Settlement of Investment Disputes, Netherlands: Kluwer Law International.


22. Reed, Lucy, Paulsson, J. & Blackaby, N. (2011) Guide to ICSID Convention, The Netherlands: Kluwer Law international.