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Erschienen in:
The Interface Between the Trade Rules and Climate Change Actions Kapitel lesen Erstes Kapitel lesen

2016 | OriginalPaper | Buchkapitel

Making Allowances for Carbon Emission Allowances in Investor-State Disputes: A Case Study of the Republic of Korea

verfasst von : Deok-Young Park, Yonjong Yoon

Erschienen in: Legal Issues on Climate Change and International Trade Law

Verlag: Springer International Publishing

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Abstract

On December 2, 2014, the National Assembly of the Republic of Korea passed the two ratification bills for Korea-Australia and Korea-Canada free trade agreements (FTAs) containing investor-State dispute settlement (ISDS) provisions soon after the end of trade negotiations with the two Pacific Rim partners, regardless of an on-going multi-billion dollar ISDS claim initiated by the Lone Star Funds—an American private equity firm—against the Korean government (LSF-KEB Holdings SCA and others 2012), invoking similar ISDS provisions provided in another investment treaty with the Belgium-Luxembourg Economic Union (Korea-Belgium/Luxembourg BIT 2006). In fact, this claim placed Korea for the first time as a respondent State in known ISDS cases (UNCTAD 2013). Such a bipartisan support to the proposed bills resembles that of the National Assembly in May 2012 when its members passed the Emissions Trading Scheme (ETS) bill almost unanimously with only 3 abstentions and placed Korea as the first Asian country to initiate an ETS (International Emissions Trading Association 2013), despite the fact that the ETS of the European Union (EU), the largest carbon trading market, revealed its serious loopholes in its trial period. Interestingly enough, the two FTAs and the Korean Emissions Trading Scheme (KETS) came into effect concurrently from January 2015.

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Vorheriges Kapitel Taiwan’s Climate Change Mitigation Policies and Their Potential Interaction with the WTO Rules: Focusing on Economic Incentive Measures
Nächstes Kapitel ‘The Good, the Bad, and the Ugly.’ Lessons on Methodology in Legal Analysis from the Recent WTO Litigation on Renewable Energy Subsidies
Fußnoten
1
Prior to this claim, however, there was one reported case under ICSID, although it was settled and discontinued with no record of proceedings. See Colt Industries Corporation v. Republic of Korea (1984).
 
2
See, for instance, Metalclad Corp. v. United Mexican States (2001); Methanex Corp. v. United States (2005); Pac Rim Cayman LLC v. Republic of El Salvador (2009).
 
3
Lee (2009) considered carbon emission allowances as securities such as stocks and bonds which are tradable in a stock exchange.
 
4
Its full text in English is available online at the Korea Legislation Research Institute (KLRI) Legislative Translation Center website, http://​elaw.​klri.​re.​kr/​eng_​service/​lawView.​do?​hseq=​24561&​lang=​ENG. This is not an official translation, and thus it is not equally authentic to its original text in Korean.
 
5
See, for instance, Bayindir Insaat Turizm Ticaret Ve Sanayi A.S. v. Islamic Republic of Pakistan (2009).
 
6
See, for instance, Romak Switzerland v. the Republic of Uzbekistan (2009).
 
7
An early draft provision of the ICSID Convention considered a threshold of US $100,000, which was eventually rejected. See 2 ICSID, History of the ICSID Convention 34 (1968).
 
8
KORUS FTA Art. 11.10 titled “Investment and Environment” also provides that investment activity to be undertaken “in a manner sensitive to environmental concerns.”
 
9
This secondary law refers to the Regulation (EU) No. 1219/2012 of the European Parliament and of the Council of establishing transitional arrangements for bilateral investment agreements between Member States and third countries.
 
10
See US Steel Kosice v. Commission (2007a) and US Steel Kosice v. Commission (2007b) for more details.
 
11
This BIT refers to the Agreement Between the Government of Hong Kong and the Government of Australia for the Promotion and Protection of Investments on September 15, 1993.
 
12
For more details, see Philip Morris Asia Limited v. The Commonwealth of Australia (2011).
 
13
See KAFTA Art. 11.7(1); KCFTA Art. 8.11(1); KORUS FTA Art. 11.6(1); CETA Art. X.11(1); Korea-Belgium/Luxembourg BIT Art. 5.
 
14
For a general discussion on the requirements of expropriation, see Dolzer and Schreuer (2008).
 
15
For MFN treatment clauses, see KAFTA Art. 11.4; KCFTA Art. 8.4; KORUS FTA Art. 11.4; CETA Art. X.7; Korea-Belgium/Luxembourg BIT Art. 3.
 
16
For minimum standard of treatment, see KAFTA Art. 11.5; KCFTA Art. 8.5; KORUS FTA Art. 11.5; CETA Art. X.9; Korea-Belgium/Luxembourg BIT Art. 2.
 
17
This is the case in Pac Rim Cayman LLC v. Republic of El Salvador (2009).
 
18
This case is known as Ansung Housing Co., Ltd. v. People’s Republic of China (2014). It is reported unofficially that the first investment treaty arbitration ever brought by a Korean investor against a foreign state is actually a Korean construction company’s claim against a state in North Africa.
 
Literatur
Agreement between the Government of the Republic of Korea and the Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investments (12 Dec 2006)
Ansung Housing Co., Ltd. v. People’s Republic of China (2014) International Centre for Settlement of Investment Disputes, Case No. ARB/14/25
Arcelor SA v. European Parliament and Council (2010) General Court (Third Chamber), Case T-16/04
Bennett L (2010) Are tradable carbon emissions credits investments? Characterization and ramifications under international investment law. N Y Univ Law Rev 85(5):1593–1599
Cho HJ (2012) A Legal Study on Emissions Trading Scheme. Dissertation, Graduate School of Law, Yonsei University (in Korean)
Colt Industries Corporation v. Republic of Korea (1984) International Centre for Settlement of Investment Disputes, Case No. ARB/84/2
Delaume GR (1986) ICSID and the transnational financial community. ICSID Rev 1(2):237–256CrossRef
Dolzer R, Schreuer C (2008) Principles of international investment law. Oxford University Press, OxfordCrossRef
European Union (2003) Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003: Establishing a Scheme for Greenhouse Gas Emission Allowance Trading within the Community and Amending Council Directive 96/61/EC. Official Journal of the European Union, L 275/32
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Free Trade Agreement between the Republic of Korea and Canada (22 Sep 2014)
Free Trade Agreement between the United States of America and the Republic of Korea (30 Jun 2007)
Hoffmeister F, Alexandru G (2014) A first glimpse of light on the emerging invisible EU model BIT. J World Invest Trade 15(3–4):379–401CrossRef
Kang HH (2010) A legal study on the carbon emission right trading system. Environ Law Rev 32(2):99–131 (in Korean)
Lee J (2013) Back on the Negotiating Table Again? – Recalibrating Provisions of the Korea-U.S. FTA ISDS Proceedings through a Prospective ‘Amendment’ – Korean Forum on International Trade and Business Law 23(1):173 (in Korean)
LSF-KEB Holdings SCA and others v. Republic of Korea (2012) International Centre for Settlement of Investment Disputes, Case No. ARB/12/37
Metalclad Corp. v. United Mexican States (2001) International Centre for Settlement of Investment Disputes, Case No. ARB (AF)/97/1; 40 I.L.M. 36
Methanex Corp. v. United States (2005) United Nations Commission on International Trade Law, 44 I.L.M. 1345
Park DY (2014a) The investment chapter of the Korea-US FTA and its implications for environmental matters. J Arbitr Stud 24(1):25–44 (in Korean)CrossRef
Reinisch A (2014) Putting pieces together … an EU model BIT? J World Invest Trade 15(3–4):679–704CrossRef
Salini Construttori SPA and Italstrade SPA v. the Kingdom of Morocco (2001) International Centre for Settlement of Investment Disputes, Case No. ARB/00/4; 42 I.L.M. 609
Schefer KN (2013) International investment law: text, cases and materials. Edward Elgar, Cheltenham, UK & Northampton, MA, USA
SD Myers v. Canada (2001) United Nations Commission on International Trade Law, 40 ILM
Shin HT (2013) 10. Republic of Korea. In: Brown C, Krishan D (eds) Commentaries on selected model investment treaties. Oxford University Press, Oxford, pp 393–424
US Steel Kosice v. Commission (2007a) Court of First Instance (Third Chamber), Case T-489/04
US Steel Kosice v. Commission (2007b) Court of First Instance (Third Chamber), Case T-27/07
Viñuales J (2012) Foreign investment and the environment in international law. Cambridge University Press, CambridgeCrossRef
Vranes E (2009) Climate change and the WTO: EU emission trading and the WTO disciplines on trade in goods, services and investment protection. J World Trade 43:716–718
Werksman J (1999) Greenhouse gas emissions trading and the WTO. Rev Eur Commun Int Environ Law 8:252CrossRef
Metadaten
Titel
Making Allowances for Carbon Emission Allowances in Investor-State Disputes: A Case Study of the Republic of Korea
verfasst von
Deok-Young Park
Yonjong Yoon
Copyright-Jahr
2016
Buch
Legal Issues on Climate Change and International Trade Law

Print ISBN: 978-3-319-29320-2

Electronic ISBN: 978-3-319-29322-6

Copyright-Jahr: 2016

DOI
https://doi.org/10.1007/978-3-319-29322-6_6