摘要
Abstract
Climate-change governance has become a central issue to international rule of law,yet international investment rules,while protecting investors'rights,often constrain host states'ability to implement policies such as carbon pricing,energy-subsidy adjust-ments,and carbon market expansion.How,then,should investment protection be balanced against the imperatives of climate gover-nance?Some studies regard exception clauses as the appropriate response.This approach,however,faces two fundamental difficulties.First,although such clauses may furnish host states with a basis for defense,their effectiveness is limited:vague drafting,inconsistent application standards,and highly unpredictable arbitral interpretations make it difficult for states to anticipate whether their defenses will succeed.Incorporating climate-governance needs into this framework not only fails to resolve the tension;given the complexity of relevant measures,it actually exacerbates textual ambiguity in application.Second,there is the challenge of interfacing with the thou-sands of existing international investment agreements(IIAs).The Mauritius model and proposals centered on affirmative defenses or ex-clusion clauses exhibit limitations in treaty character,scope of application,and their capacity to facilitate investment flows,and thus struggle to secure a stable policy space for climate measures.Unlike the strongly restrictive posture of exception clauses,investment fa-cilitation measures offer a different pathway:by streamlining administrative procedures,enhancing transparency,and establishing proj-ect pipelines and fast-track channels,they can steer capital toward low-carbon sectors and reconcile investment returns with climate-governance objectives.Rather than diluting investor rights,this approach relies on institutional incentives to help bridge the substantial climate investment gap.China has accumulated practical experience along these lines:pilot initiatives in climate investment and financ-ing,a green-finance framework,the national emissions trading system,and the"dual-carbon"legislative program have provided domes-tic and foreign investors with stronger policy predictability and market-based support.The latest international investment rules involv-ing China also demonstrate its efforts to incorporate climate change governance requirements.Building on these practices,the next gen-eration of international investment rules should institutionalize the linkage between investment facilitation and climate-governance needs,and clarify a standardized pathway for corporate participation in climate-friendly project-screening mechanisms,with a view to safeguarding investment flows while preserving the policy space necessary for effective climate governance.关键词
气候变化治理/国际投资规则/例外条款/投资便利化措施Key words
climate change governance/international investment rule/exception clause/investment facilitation measure分类
社会科学
