The increasing tensions between a government’s right to regulate and investment protection are fueling the constantly increasing number of international environmental disputes and human rights disputes, in particular with respect to renewable energies, water services, and waste management. As a result, investor-State arbitration is facing greater criticism than ever before because of its potential to contradict international environmental agreements and international human rights agreements. Concerns about State sovereignty are on the rise; particularly the perception that investment tribunals have failed to strike a proper balance between investors’ economic interests and general interests of host States to further their environmental policies and interests. Against this background, this Article investigates the methodological justification for the application of proportionality analysis while discussing potential channels in investment law to crystallize such application which would have deep practical ramifications for the global energy market. At a more conceptual level, this Article proposes an alternative viewpoint in understanding constitutionalization of international investment law and argues proportionality is indispensable discourse in investor-State arbitration.

中文翻译：

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重新审视投资仲裁中的比例性: 理论、方法和解释

政府监管权和投资保护之间日益紧张的局势正在加剧国际环境纠纷和人权纠纷的数量不断增加，特别是在可再生能源、水服务和废物管理方面。因此，投资者与国家之间的仲裁因其可能与国际环境协定和国际人权协定相抵触而面临前所未有的批评。对国家主权的担忧正在上升；特别是认为投资法庭未能在投资者的经济利益和东道国的总体利益之间取得适当的平衡，以促进其环境政策和利益。在这样的背景下，本文探讨了应用比例分析的方法论理由，同时讨论了投资法中的潜在渠道，以明确这种应用，这将对全球能源市场产生深远的实际影响。在更概念的层面上，本文提出了理解国际投资法宪法化的另一种观点，并认为比例性是投资者与国家仲裁中不可或缺的话语。