Shutting Down the Outdated 'Corporate Court' of the World Bank
Thursday, 18 April 2024, 12:00
Background:
The International Center for the Settlement of Investment Disputes, dubbed a 'corporate court,' facilitates disputes between investors and governments.
Impact:
- Developing Nations: Hit hardest by settlements, affecting economic growth.
- Past Cases: Countries faced billion-dollar decisions, like Pakistan's $5.8 billion payment and Honduras's $10.8 billion claim.
Continued Cases: Ongoing disputes challenge climate initiatives, with claims like the U.S.'s $15 billion case over the Keystone XL Pipeline.
Recommendation:
Calls to close the center emphasize promoting fair development and climate action globally.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.