The Time to Rethink Investment Rules: Amplifying Civil Society Voices
and Bart-Jaap Verbeek (SOMO)
At the core of the Fair, Green, and Global (FGG) Alliance’s mission is the commitment to building a just and sustainable world. As members of this alliance, Both ENDS, SOMO, and the Transnational Institute (TNI) recognise the urgent need to reimagine global investment frameworks. These frameworks, entrenched in outdated treaties such as Bilateral Investment Treaties (BITs) and the Energy Charter Treaty (ECT), often prioritise corporate profits over human rights, environmental sustainability, and social justice.
From 26–29 November 2024, the Civil Society Forum on “Aligning Investment Policy Frameworks to Climate and Sustainable Development Goals” will convene over 50 participants from 20 countries, mainly from Africa, in Entebbe, Uganda. Hosted by SEATINI, a key partner of the FGG Alliance, this is the first initiative of its kind, providing a platform for civil society organisations (CSOs) to amplify their voices in global investment policy dialogues.
Why Alternative Investment Frameworks Are Urgent
International investment agreements have entrenched systemic injustices that hinder sustainable development. These issues are particularly concerning in the following areas:
- Investor-State Dispute Settlement (ISDS): Mechanisms like ISDS allow corporations to sue states for implementing public welfare policies, including those addressing climate change, tax reforms, and labour rights. ISDS has cost millions to developing countries and perpetuates a "regulatory chill", where governments hesitate to enact progressive regulations for fear of costly litigation.
- Energy Charter Treaty (ECT): The ECT allows fossil fuel corporations to challenge state decisions aimed at transitioning to renewable energy, effectively locking countries into unsustainable energy systems and derailing climate action.
- Power Imbalances: These treaties prioritise the interests of multinational corporations, undermining state sovereignty and restricting governments' ability to regulate in the public interest.
Current investment frameworks exacerbate global inequalities, perpetuate extractivist practices, and obstruct efforts to meet the Sustainable Development Goals (SDGs) and the Paris Agreement targets.
The Role of Civil Society
Civil society is uniquely positioned to challenge these entrenched systems. CSOs bring critical perspectives that highlight the lived experiences of those most affected by harmful investment practices. Yet, their voices are often excluded from policy-making spaces.
This forum aims to bridge that gap by:
- Critically Evaluating Current Frameworks: Participants will assess the flaws in BITs, ISDS, and other mechanisms that perpetuate inequities.
- Exploring Alternatives: The forum will discuss solutions/alternatives that prioritise sustainable development, climate action, and gender justice among other pressing issues for the people and the planet.
- Strengthening Advocacy: By building the capacity of CSOs, the forum seeks to empower them to influence policy reforms at national, regional, and global levels.
A Shared Vision for Change
SEATINI, as the host of this landmark event, brings extensive expertise in promoting development-oriented trade and investment policies in Africa. SEATINI is committed to amplifying the voices of grassroots organisations to ensure their concerns shape inclusive and equitable investment governance.
Both ENDS envisions investment policies that prioritise ecological integrity and social equity. By fostering inclusive dialogues, Both ENDS challenges the dominance of corporate interests in shaping global governance.
SOMO focuses on exposing the systemic imbalances in the global economic system. By advocating for transparency and accountability, SOMO pushes for investment frameworks that respect human rights and empower local communities.
TNI brings decades of experience in collaborating with grassroots movements to advance democratic governance and environmental justice. TNI challenges corporate dominance in international agreements and advocates for people-centered investment policies.
Together, as part of the FGG Alliance, these organisations are working to transform global investment rules to reflect the needs and rights of communities rather than corporations.
Aligning Investment with Contemporary Challenges
The forum’s agenda reflects the urgency of aligning investment policies with the world’s most pressing issues:
- Climate Action and Energy Transition: Investment frameworks must support renewable energy projects and phase out fossil fuel subsidies.
- Industrialisation for Sustainable Development: Policies should encourage economic growth that benefits local communities while protecting the environment.
- Gender Justice and Human Rights: Investment treaties must prioritise the rights of women and marginalised groups, recognising their critical roles in fostering sustainable development.
A Call to Action
The time to act is now. The Civil Society Forum is not just a gathering—it is a movement to reclaim investment governance for people and the planet. By amplifying the voices of CSOs and fostering innovative solutions, this forum seeks to lay the groundwork for a fairer, greener, and more just global economy.
Let’s seize this moment to rewrite the rules and ensure investment policies serve the many, not the few.
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