Law360: Investors in a solar energy project were unable to revive their US$206m claim against Italy over revoked economic incentives, after an International Centre for Settlement of Investment Disputes (ICSID) ad hoc annulment Committee rejected arguments that the original arbitral tribunal had, among other matters, failed to properly consider whether the country had frustrated the investors' legitimate expectations.

In September 2020, the ad hoc Committee (the Committee) in the International Centre for Settlement of Investment Disputes (ICSID) annulment proceedings between Australian investor Tethyan Copper Company Pty Limited (the investor) and the Islamic Republic of Pakistan (Pakistan) declined to grant the investor's opposed application for termination of the stay of enforcement of the award issued in the investor's favour on 12 July 2019. Although deciding that the stay of enforcement should remain in place, the Committee imposed conditions on both parties. The tribunal considered that this solution appropriately balanced both parties' concerns and interests.

The ad hoc Committee in the International Centre for Settlement of Investment Disputes (ICSID) annulment proceedings between German investor SolEs Badajoz GmbH (the Respondent on Annulment) and the Kingdom of Spain (Spain) issued a decision continuing a stay of enforcement of an arbitral award issued in the investor's favour in July 2019. In the underlying arbitration, the investor argued successfully that amendments to Spain's renewable energy incentive scheme breached the Energy Charter Treaty (ECT).

Arbitration analysis: An International Centre for Settlement of Investment Disputes (ICSID) tribunal denied the Kingdom of Sweden’s request to bifurcate an arbitration claim brought against it by a Chinese telecommunications company for banning the company from selling 5G technology and ordering its existing equipment removed from Swedish infrastructure, finding that Sweden’s objections are intertwined with the merits of the dispute.

Arbitration analysis: The International Centre for Settlement of Investment Disputes (ICSID) has published a tribunal’s decision on rectification of an earlier award ordering the Republic of Peru to pay two investors more than US$110.7m, granting Peru’s requests to clarify the award as to apportionment of costs and the interest rate accruing on damages against Peru

Law360: An International Centre for Settlement of Investment Disputes(ICSID) tribunal ordered South Korea on 31 August 2022 to pay US$216.5m to Texas-based private equity firm Lone Star Funds following a decade-old dispute stemming from the sale of the firm's controlling stake in Korea Exchange Bank, an award that left both sides dissatisfied.

Arbitration analysis: Lucas Bento FCIArb FRSA, dual-qualified (New York and England & Wales) senior associate at Quinn Emanuel Urquhart & Sullivan LLP in New York City, analyses the decision in CEAC Holdings v Montenegro and its implications for investors who wish to take advantage of protections contained in investment treaties. This case clarified the impacts of deal structures in international investments on access to arbitral tribunal jurisdiction under investment treaties and their relevant protections.

The Investment Consultants Sustainability Working Group (ICSWG) has published a new climate investing framework to help investors evolve climate strategies from portfolio decarbonisation towards ‘real-world’ outcomes. The framework responds to concerns that current decarbonisation-focused approaches, such as investing in low-carbon assets, may not protect portfolios from wider financially-material systemic risks linked to climate change. It aims to support more complex investment decision-making as investors’ understanding of climate change and its development increases.

The Investment Consultants Sustainability Working Group (ICSWG) has published an update to its Climate Competency Guide for asset owners, which sets out five themes against which asset owners can ask their investment consultants to demonstrate competence in advising on climate-related issues. The themes include:  firmwide climate expertise and commitment, individual consultant climate expertise, tools and software, thought leadership and policy advocacy, and assessment of investment managers and engagement with them. It also provides examples of typical and leading indicators to support asset owners’ evaluation of consultants. Informed by an ICSWG consultation with industry stakeholders, the guide captures changes in expectations of leaders and recognises the role of investment consultants in supporting asset owners to keep abreast of changing regulatory expectations and the interplay of climate competency with environmental, natural and social factors.

Information and communications technology.

The Contract between Project Co and the ICT Contractor for the delivery of ICT services and/or infrastructure.

The Contractor appointed by Project Co to carry out the ICT services and/or infrastructure.