Jorge E. Viñuales4 explained the interaction between investment legislation and the environment. These two fields interact more and more. 18 The preamble states that the parties to the ECT `recognise the increasingly urgent need to take measures to protect the environment, including the dismantling of energy installations and the disposal of waste, as well as the internationally agreed objectives and criteria for that purpose`. 4Profeseur Jorge Viñuales is Harold Samuel Professor of Law and Environmental Policy at the University of Cambridge. 19As to Article 19(1) of the ECT, each Party shall endeavour to minimise the pursuit of sustainable development resulting from all activities in the energy cycle. In addition, each Party shall endeavour to take preventive measures to prevent or minimize environmental degradation. Gordon also pointed out that another OECD survey shows that IAAs often remain silent on fundamental procedural issues – arbitration is easily regulated by such contracts.30 For example, very few agreements examined in this survey contain information on conflicts of interest, third-party financing, cost allocation and the calculation of compensation – these issues would be strictly settled in advanced national legal systems. .
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