Recent trends in investor–State arbitration cases

Highlights:

• Investor-State arbitration cases reached 1,401. Most of the cases - about 75% - arose in the past 15 years. About 60% of all ISDS cases involved damages claims of $100 million and higher, including 143 cases in which investors sought more than $1 billion. The past decade shows a shift towards higher damages claims and awards.
   
• In 2024, investors initiated 58 arbitrations. More than half of them related to extractive activities and energy supply. About 55% of new cases were brought against developing countries. Developed- country claimants initiated most of the new cases with about 80%.
   
• Six cases in 2024 involved the mining of critical minerals required for the energy transition, such as copper, lithium, titanium and zinc. From 1987 to 2024, at least 139 cases - about 10% of all cases - related to different categories of critical minerals, including 51 cases relating to critical minerals required for the energy transition.
   
• Claimants filed 13 fossil fuel- related cases in 2024 and initiated 6 proceedings concerning investment in the renewable energy sector. Overall, investors have filed at least 249 cases related to fossil fuel activities, and 129 cases concerning renewable energy investments.