Title: Arbitration Strategies for Resolving Climate Change and Sustainability Disputes in Commercial Transactions
Author(s): Lalit Kumar Deb and Prithivi Raj (View Profile)
Journal: Indian Review of International Arbitration
Source: www.iriarb.com
Abstract:
Climate change and sustainability disputes present a unique set of unique challenges within the arbitration framework. These disputes arise from a variety of sources, including regulatory shifts, extreme weather events, and changing consumer demands. Arbitration is a flexible and adaptive method of dispute resolution that provides an avenue for parties to address issues in a confidential, neutral, and efficient manner. Arbitration can offer a forum for resolving disputes arising from climate change and sustainability issues, allowing parties to seek equitable solutions, interpret contractual clauses related to environmental performance, and adapt contracts to changing circumstances. Additionally, it provides an opportunity to encourage responsible corporate behaviour and promote sustainable business practices through arbitration agreements that incorporate sustainability and environmental considerations. This article examines how arbitration can serve as a valuable tool for addressing contractual disputes affected by climate change and sustainability concerns. It delves into the evolving landscape of climate change-related disputes, encompassing a broad range of sectors. It highlights the need for specialized expertise in environmental and sustainability matters in the arbitration process. The importance of developing arbitration mechanisms that are sensitive to climate change and sustainability concerns is emphasized, with a focus on tailored procedures, expert panels, and the recognition of emerging legal and ethical norms. Arbitration can play a significant role in aligning contractual obligations with environmental responsibility, making it an integral component in mitigating the risks associated with climate change. This article delves into the intersection of climate change and sustainability disputes within the context of arbitration, particularly focusing on contracts that are influenced by environmental challenges. As climate-related issues increasingly impact contractual obligations, the role of arbitration in resolving such disputes and fostering sustainable business practices becomes essential. This article underscores the vital role of arbitration in addressing climate change and sustainability disputes within contractual relationships. As environmental challenges continue to shape the business landscape, the adaptation and growth of arbitration procedures to accommodate these issues are imperative. By recognizing the significance of climate change and sustainability within the scope of arbitration, we can enhance the resilience and sustainability of contractual relationships in an ever-changing world.
Keywords: Climate Change, Sustainability, Arbitration, Environmental Disputes, Contractual Obligations.
Cite this as: Lalit Kumar Deb and Prithivi Raj, “Arbitration Strategies for Resolving Climate Change and Sustainability Disputes in Commercial Transactions” 3 IRIArb (2023).
*The views expressed are of author(s) only.
