Los Tratados de Inversión como Herramientas de Asignación de Riesgos

The document proposes a functional shift in how investment treaties are viewed, categorizing them as a form of 'unpriced public insurance' that transfers political and regulatory risks from private investors to host states. It argues that unlike other de-risking tools, treaties often lack performance conditions or sustainability safeguards, creating asymmetric financial burdens for states, particularly in the Global South. The brief recommends that policymakers evaluate treaties alongside other risk-mitigation tools to avoid redundancies and ensure that investment governance supports climate transitions and public accountability.

• Investment treaties function as instruments of public insurance that shift political and regulatory risks from foreign investors to host states, often without requiring premiums or performance conditions.
• Unlike other risk-reduction tools such as political risk insurance or export credits, investment treaties typically do not include built-in safeguards for human rights, environmental sustainability, or policy coherence.
• The Investor-State Dispute Settlement (ISDS) system converts political risk into legally enforceable financial obligations, with compensation awards often based on speculative future income losses, which credit rating agencies may view as contingent fiscal liabilities.
• There is a risk of 'double recovery' or strategic arbitrage when investment treaties overlap with other risk-mitigation tools, allowing investors to claim compensation from multiple sources for the same risk event.
• The document recommends that policymakers evaluate investment treaties as risk allocation tools, terminate or revise those that duplicate other mechanisms, and coordinate between finance ministries, development banks, and insurers to ensure fair risk distribution.

APA

Ostřanský, J., & Schaugg, L. (2025). Los Tratados de Inversión como Herramientas de Asignación de Riesgos. International Institute for Sustainable Development. https://www.iisd.org/system/files/2025-07/investment-treaties-risk-allocation-tool-es.pdf

Chicago

Ostřanský, Josef, and Lukas Schaugg. Los Tratados de Inversión como Herramientas de Asignación de Riesgos. International Institute for Sustainable Development, 2025. https://www.iisd.org/system/files/2025-07/investment-treaties-risk-allocation-tool-es.pdf.

Wikipedia

{{cite report |last1=Ostřanský |first1=Josef |last2=Schaugg |first2=Lukas |title=Los Tratados de Inversión como Herramientas de Asignación de Riesgos |publisher=International Institute for Sustainable Development |date=July 2025 |url=https://www.iisd.org/system/files/2025-07/investment-treaties-risk-allocation-tool-es.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ostansk2025los, author = {Ostřanský, Josef and Schaugg, Lukas}, title = {{Los Tratados de Inversión como Herramientas de Asignación de Riesgos}}, institution = {International Institute for Sustainable Development}, year = {2025}, month = jul, url = {https://www.iisd.org/system/files/2025-07/investment-treaties-risk-allocation-tool-es.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }