Research On The Introduction And Application Of The Principle Of Sustainable And Responsible Investing In International Investment Law

Influenced by the increasing numbers of international investment arbitration cases since the 21 st century,both international investment agreements and international investment arbitration systems show greater drawbacks,especially the problem of the imbalance between the rights of investors and the host country which greatly reduces the ability of sovereign states to safeguard their own public interests and exercise foreign capital control and the confidence of countries in the existing international investment legal system.As a collection with extremely rich connotations,the concept of sustainable development involves many fields.The concept may be explicit or implicit,the scope may be wide or narrow,and the function may be large or small,which make it unable to be fully and effectively reflected in the current international investment law.In this context,the international community tries to introduce and apply the principle of sustainable and responsible investing into the international investment legal system,so as to help the international investment agreements and international investment arbitration system gradually out of the dilemma and lead the international investment law to the sustainable development step by step.The key to the study of sustainable and responsible investment principles is,what is that principles? In the current development process of international investment law,should this principle be restricted or expanded? How should the contracting states set up in the investment agreement to ensure that the principles have played an expected role?As the major capital importer and exporter and has signed a large number of investment agreements with foreign countries,China should not only pay attention to the interpretation of the investment treaties that have been concluded,but also pay attention to the design of future investment treaties.To this end,it is necessary to analyze and summarize the introduction and application of the principle of sustainable and responsible investing in international investment law.Not only can we objectively understand the role of the principle for the sustainable development of international investment law,but also can adjust strategies in time according to the development needs of international investment law,and give full play to the principle.Promote the sustainable development of international investment agreements and international investment arbitration systems,and provide new ideas for my country to upgrade international investment agreements.And for that,this thesis analyzes and discusses through five perspectives:The thesis takes the theoretical research as the perspective,expounds the origin and development,connotation and extension of the principle of sustainable and responsible investing;takes the international investment agreement as the perspective,in-depth study of the actual embodiment and specific effects of the principle of sustainable and responsible investing;takes the international investment arbitration system as the perspective,and summarizes the application of the principles of sustainable and responsible investment by the arbitration tribunal from two aspects: procedural review and substantive review;takes the formulation the specific clauses of the principle as the perspective,and concretely conceives the framework structure,legal expressions and applicable conditions of the "Sustainable and Responsible Investment Clause";takes the enlightenment to China as the perspective,and objectively analyzes the necessity and feasibility of formulating“sustainable and responsible investing clauses” in the investment agreements of China.This thesis has the following innovations.Firstly,it selects the principles of sustainable and responsible investing as the entry point for research.Compared with the principles of sustainable development,the principle is more like the methodology of the concept of sustainable development and has stronger operability.Secondly,it innovatively puts forward the entity clause to set up the principles of sustainable and responsible investing,innovatively designs the language expression of "sustainable and responsible investing clause" in both Chinese and English,and puts forward the specific applicable elements including jurisdiction,time effect,burden of proof,etc.Thirdly,in the analysis of the application of this principle to China's bilateral investment treaty,we use the ecological footprint theory to calculate the specific value of ecological footprint,and put forward the serious contradiction between the demand of ecological protection and economic development in China.Fourthly,using the model of SWOT analysis for analysis and deduction,finally selected Europe,United States,Japan,Turkey and China as representatives to analyse,from the perspectives of developed countries,developing countries,southern countries and northern countries.After combing the research,this thesis draws the below conclusion.With the three-stage development of global green thoughts,the connotation and extension of the principles of sustainable and responsible investing have gradually stabilized after undergoing transformation.Under the permutation and combination of multiple sustainable theories and types of responsibility,sovereign states and international organizations have woven a huge conceptual system of sustainable and responsible investing principle,with similar concepts and slightly different scopes.Regardless of the title,“sustainable” and “responsible” are important cores of this principle,and are important concepts that determine the development direction of this principle today.The principle was introduced in international investment agreements at the end of the 20 th century,and has gradually developed in the preamble,substantive law clauses,and procedural law clauses.This principle has a good effect in terms of promoting international cooperation,stimulating the private sector,guiding international investment legislation,correcting the imbalance of interests between investors and the host country,checking and balancing standard terms of treatment,and providing legal basis for investment arbitration,etc.However,the protection of non-investment interests by the principles is very limited,and it has the hidden danger of becoming an invisible investment barrier.In addition,the principle has played a great role in enhancing the rationality of arbitration awards,sharing the high risks of investment arbitration awards,and obtaining support from investment arbitration stakeholders.However,because the old-style BITs are still the basis of existing investment dispute cases,and the applicable principles depend on the arbitrator's consciousness,the role of the principles in the international investment arbitration system is limited.A specific "sustainable and responsible investment clause" will be more conducive to the development of international investment law.As an authorized substantive law clause,it is recommended to design two paragraphs.The first paragraph is for the purpose of applying the principle of sustainable and responsible investing,and the second paragraph is the interpretation of the government's authority involved in the first paragraph.In order to ensure that the clauses work,bold ideas have also been made in terms of jurisdiction and procedural requirements for the exercise of rights.Finally,it is recommended that China participate more actively in the formulation and negotiation of “sustainable and responsible investing clauses”.Then analyzed the negotiation strategy through the "theory + country" model,selected the United States,the European Union,and ASEAN as representatives,and proposed specific negotiation strategies and legislative models.