Réforme des contrats d’investissement pourquoi les décideurs politiques doivent agir maintenant, et comment

The document highlights the risks posed by outdated and opaque investment contracts, such as stabilization clauses and tax incentives, which can limit a state's regulatory space and lead to costly international arbitration. It proposes a three-step national reform strategy: improving inter-ministerial coordination, centralizing and evaluating existing contracts, and developing standardized model contracts. It also calls for greater alignment between contract reform and broader regional and global efforts to modernize investment governance.

• Investment contracts often contain stabilization clauses that protect investors from future legal or regulatory changes, which can discourage essential reforms in taxation, human rights, and environmental protection, potentially delaying climate transitions.
• There is a significant lack of transparency and institutional coordination in contract governance; contracts are often negotiated by sectoral ministries without oversight from finance or justice ministries and frequently remain confidential.
• Tax incentives negotiated directly in contracts can lead to revenue losses and fiscal opacity, often bypassing national parliamentary approval and central financial oversight.
• There is a growing trend of Investor-State Dispute Settlement (ISDS) cases based on contracts rather than treaties; in 2025, 21% of ICSID cases invoked contracts as the basis for arbitration, compared to 6% the previous year.
• Reforming only investment treaties without addressing contracts is insufficient because outdated contractual obligations can neutralize treaty reforms, effectively binding states to more restrictive obligations at the project level.
• To improve national governance, governments should implement a three-part strategy: establish inter-ministerial coordination mechanisms, create a centralized inventory of existing contracts for evaluation, and develop sector-specific model contracts and clauses.

APA

Lago, J. D. R., Sarmiento, F., & Nikièma, S. H. (2026). Réforme des contrats d’investissement pourquoi les décideurs politiques doivent agir maintenant, et comment. International Institute for Sustainable Development. https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-fr.pdf

Chicago

Lago, Josefina del Rosario, Florencia Sarmiento, and Suzy H. Nikièma. Réforme des contrats d’investissement pourquoi les décideurs politiques doivent agir maintenant, et comment. International Institute for Sustainable Development, 2026. https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-fr.pdf.

Wikipedia

{{cite report |last1=Lago |first1=Josefina del Rosario |last2=Sarmiento |first2=Florencia |last3=Nikièma |first3=Suzy H. |title=Réforme des contrats d’investissement pourquoi les décideurs politiques doivent agir maintenant, et comment |publisher=International Institute for Sustainable Development |date=March 2026 |url=https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-fr.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lago2026rforme, author = {Lago, Josefina del Rosario and Sarmiento, Florencia and Nikièma, Suzy H.}, title = {{Réforme des contrats d’investissement pourquoi les décideurs politiques doivent agir maintenant, et comment}}, institution = {International Institute for Sustainable Development}, year = {2026}, month = mar, url = {https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-fr.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }