比例原则在涉环境国际投资仲裁中的适用与反思

Application and Critical Analysis of Proportionality Principle in Environment-Related International Investment Arbitration

The balancing of private investors’ interests and Host States’ public rights remains a pivotal issue in the ongoing reform of international investment arbitration. As a general principle of law, the proportionality principle provides arbitral tribunals with both a substantive review standard and an analytical framework. However, due to the inherent ambiguity of the proportionality principle and the broad arbitral discretion by arbitrators, tribunals have adopted inconsistent comparative standards and divergent analytical structures when applying this principle.To address this, tribunals should conduct comprehensive proportionality analysis while respecting Host States’ regulatory sovereignty, supplemented by the principle of good faith. As an active participant in the international investment regime, China should also implement measures to reconcile tensions between environmental regulatory authority and investors’ private property rights, thereby facilitating the harmonization of international investment and environmental protection.

如何平衡投资者和东道国权益保护是目前国际投资仲裁改革的热点问题之一。比例原则为仲裁庭提供一项审查标准和分析框架。不过由于比例原则的模糊性和仲裁员拥有较大自由裁量权，不同的仲裁庭采用的比较标准不一致，适用比例原则进行比例分析的论证结构不一致。对此，仲裁庭应在尊重东道国规制权基础上完整适用比例原则进行比例分析，补充运用善意原则。中国作为国际投资领域的积极参与者，也应采取相关措施以化解环境规制权与外国投资者私人财产权间的矛盾，努力协调国际投资和环境保护的关系。