Abstract

In the 2000s, several European states sought to increase foreign investment in their renewable energy sectors. Those governments later wound back those financial incentives. This resulted in dozens of investment disputes. One of the key issues in those disputes was whether the decision to amend or withdraw financial incentives breached investors' legitimate expectations under the fair and equitable treatment standard. This article argues that investors' legitimate expectations should operate analogously to the concept of estoppel. Therefore, if a state makes a clear commitment to induce investment (this includes commitments in legislation), and an investor reasonably relies on that commitment, then the state should not be able to renege on that commitment without generating liability for breaching the fair and equitable treatment standard.

中文翻译：

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欧洲可再生能源案例中FET标准下投资者的合法预期范围

摘要

在 2000 年代，几个欧洲国家寻求增加对其可再生能源部门的外国投资。这些政府后来收回了这些财政激励措施。这导致了数十起投资纠纷。这些争议中的关键问题之一是修改或撤销财务激励措施的决定是否违反了投资者在公平公正待遇标准下的合法期望。本文认为，投资者的合法预期应该类似于禁止反言的概念。因此，如果一个国家明确承诺诱导投资（这包括立法中的承诺），并且投资者合理地依赖该承诺，那么该国家不应该能够在不承担违反公平公正的责任的情况下违背该承诺。治疗标准。