Que signifie l’avis consultatif de la Cour internationale de Justice sur le changement climatique pour le droit international des investissements ?

The document argues that the ICJ's 2025 advisory opinion transforms the legal landscape for investment disputes by establishing that climate action is a binding legal obligation rather than a discretionary policy choice. This shift undermines investor claims based on 'legitimate expectations' for fossil fuel activities and provides states with stronger defenses against claims of unfair and inequitable treatment (FET) or indirect expropriation. The author recommends that states reform investment treaties to exclude climate measures from compensation claims, limit prospective damages based on future fossil fuel revenues, and negotiate agreements to neutralize survival clauses in treaties like the Energy Charter Treaty.

• The ICJ has established that climate action is a binding legal obligation under international law, specifically including the regulation of fossil fuel production, licensing, and subsidies, rather than being a matter of political discretion.
• The ICJ characterized climate obligations as 'erga omnes' (owed to the international community as a whole), which weakens investor arguments that they had legitimate expectations for the long-term stability of regulatory frameworks for fossil fuel activities.
• The advisory opinion provides a legal basis to challenge 'regulatory chill,' where the threat of expensive ISDS arbitration deters states from implementing climate policies. This recognition may lead national courts to question whether awarding damages for climate measures is consistent with public policy and international obligations.
• The ICJ's findings strengthen state defenses against Fair and Equitable Treatment (FET) claims, as investors cannot reasonably expect states to maintain regulatory frameworks that violate binding international climate obligations.
• Traditional methods for calculating compensation, such as discounted cash flow based on projected future revenues from fossil fuels, are challenged because they ignore the reality of stranded assets and legal constraints on continued operation.
• The document suggests that stabilization clauses in investment contracts should not be used to freeze environmental or climate regulations, as this would force states to fail their binding international obligations.
• States are advised to reform investment treaties by implementing sectoral or measure-based exclusions to remove climate-contrary investments from treaty coverage and to negotiate 'inter se' agreements to neutralize survival clauses, particularly regarding the Energy Charter Treaty.

APA

Schaugg, L. (2026). Que signifie l’avis consultatif de la Cour internationale de Justice sur le changement climatique pour le droit international des investissements ? International Institute for Sustainable Development. https://www.iisd.org/system/files/2026-03/icj-advisory-opinion-international-investment-law-fr.pdf

Chicago

Schaugg, Lukas. Que signifie l’avis consultatif de la Cour internationale de Justice sur le changement climatique pour le droit international des investissements ? International Institute for Sustainable Development, 2026. https://www.iisd.org/system/files/2026-03/icj-advisory-opinion-international-investment-law-fr.pdf.

Wikipedia

{{cite report |last1=Schaugg |first1=Lukas |title=Que signifie l’avis consultatif de la Cour internationale de Justice sur le changement climatique pour le droit international des investissements ? |publisher=International Institute for Sustainable Development |date=March 2026 |url=https://www.iisd.org/system/files/2026-03/icj-advisory-opinion-international-investment-law-fr.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{schaugg2026que, author = {Schaugg, Lukas}, title = {{Que signifie l’avis consultatif de la Cour internationale de Justice sur le changement climatique pour le droit international des investissements ?}}, institution = {International Institute for Sustainable Development}, year = {2026}, month = mar, url = {https://www.iisd.org/system/files/2026-03/icj-advisory-opinion-international-investment-law-fr.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }