¿Por Qué Es Necesaria la Reforma de los Tratados de Inversión y la Solución de Controversias entre Inversionista y Estado?

The document examines the role of foreign direct investment (FDI) and the legal frameworks governing it, specifically criticizing the ISDS system for prioritizing investor protections over public interest and sustainable development. It details the financial and regulatory burdens placed on states by ISDS awards and advocates for a proactive, holistic reform of investment governance.

• Foreign direct investment (FDI) does not automatically lead to sustainable development; its impact depends on the quality of the investment and the legal frameworks in place. While it can provide infrastructure and technology, it may also cause environmental damage, labor exploitation, and tax evasion.
• Traditional investment treaties often fail to attract more FDI and instead create 'regulatory chill,' where states are deterred from enacting environmental or social reforms due to the threat of costly ISDS litigation.
• The ISDS system is criticized for being inconsistent, expensive, and biased toward investors. It allows foreign investors to bypass national courts and sue states in international tribunals, often resulting in massive monetary compensations that can represent several percentage points of a country's GDP.
• ISDS poses a significant financial risk to the energy transition. It can protect fossil fuel investments that governments need to phase out and increase the cost of regulating renewable energy, as seen in cases where solar investors sued governments over subsidy changes.
• Current reform efforts are fragmented and often reactive. While some states are terminating treaties or adopting new models focused on cooperation (e.g., Brazil), 97% of obsolete treaties remain in force, continuing to serve as the basis for most ISDS cases.
• An ambitious reform requires a holistic shift from prioritizing investor protection to focusing on public interest, sustainability, and human rights, including the dismantling of obsolete legal instruments and the alignment of investment governance with climate action.

APA

Ostřanský, J., Sarmiento, F., & Nikiema, S. (2025). ¿Por Qué Es Necesaria la Reforma de los Tratados de Inversión y la Solución de Controversias entre Inversionista y Estado? International Institute for Sustainable Development. https://www.iisd.org/system/files/2025-04/investment-treaty-and-isds-reform-questions-answers-es.pdf

Chicago

Ostřanský, Josef, Florencia Sarmiento, and Suzy Nikiema. ¿Por Qué Es Necesaria la Reforma de los Tratados de Inversión y la Solución de Controversias entre Inversionista y Estado? International Institute for Sustainable Development, 2025. https://www.iisd.org/system/files/2025-04/investment-treaty-and-isds-reform-questions-answers-es.pdf.

Wikipedia

{{cite report |last1=Ostřanský |first1=Josef |last2=Sarmiento |first2=Florencia |last3=Nikiema |first3=Suzy |title=¿Por Qué Es Necesaria la Reforma de los Tratados de Inversión y la Solución de Controversias entre Inversionista y Estado? |publisher=International Institute for Sustainable Development |date=March 2025 |url=https://www.iisd.org/system/files/2025-04/investment-treaty-and-isds-reform-questions-answers-es.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ostansk2025por, author = {Ostřanský, Josef and Sarmiento, Florencia and Nikiema, Suzy}, title = {{¿Por Qué Es Necesaria la Reforma de los Tratados de Inversión y la Solución de Controversias entre Inversionista y Estado?}}, institution = {International Institute for Sustainable Development}, year = {2025}, month = mar, url = {https://www.iisd.org/system/files/2025-04/investment-treaty-and-isds-reform-questions-answers-es.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }