New ISO ESG Implementation Principles provide int’l guidance to streamline ESG practices
New ESG Implementation Principles launched the International Organization for Standardization (ISO) at the 29th United Nations ...
How to turn IIAs into driving force for sustainable development?
The United Nations Conference on Trade and Development (UNCTAD) has spelled out a set of policy options and on-the-ground actions to help governments transform their International Investment Agreements (IIAs) into tools to effectively channel investment towards sustainable development and further national investment facilitation priorities.
This came as an UNCTAD research showed that new-generation international investment agreements (IIAs) are increasingly embracing investment facilitation features across all continents.
It shows that over half of IIAs signed since 2015 contain transparency requirements for investment measures. The share of other investment facilitation provisions related to host countries’ regulatory environment is also growing.
Yet a few exceptions aside, new IIAs continue to lack clear and proactive investment facilitation commitments specific to sustainable investment, or the necessary technical assistance and capacity-building for developing countries.
Therefore, UNCTAD urged governments to incorporate proactive facilitation and promotion commitments targeting priority SDG sectors – such as renewable energy, agriculture, water and sanitation – and favoring underrepresented communities.
It also called on governments to strengthen the sustainable development aspect of cooperation mechanisms, through clear workplans, the inclusive participation of relevant stakeholders, and the establishment of “investment committees” responsible for reporting implementation progress.
It also highlighted the importance of facilitating access to relevant support instruments – such as development finance – for sustainable investors from all IIA partners at different levels of economic development.
UNCTAD also exhorted governments to prioritize regulatory measures to reduce ground-level hurdles that are most relevant to priority SDG sectors, as well as create an environment conducive to technology transfer and diffusion.
It also urged governments to use IIAs as a cooperation platform to achieve nationally defined goals, through enhancing technical assistance, network building and the exchange of best practices.
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