States of Emergency

States of Emergency is a book that provides a comprehensive analysis of the roles played in investor–State dispute settlement (ISDS) by two foundational doctrines: necessity and force majeure. In an increasingly crisis-prone global environment, the inherently disruptive nature of emergencies has compelled States to adopt urgent and far-reaching measures to protect essential public interests. Such measures, however, may conflict with obligations owed to foreign investors and give rise to complex disputes under international investment law.

It is the first book to examine the limits and evolving function of these doctrines in ISDS, assessing whether the current legal framework adequately accommodates State action in times of crisis while preserving the integrity of investment protection.

Drawing on major ISDS disputes, arbitral practice, and key jurisprudence, the author offers detailed analysis of:
- extensive arbitral practice involving economic crises, armed conflict, pandemics, and climate-related emergencies;
- treaty exceptions, customary international law, and contractual force majeure clauses in State and State-owned enterprise contracts;
- the burden of proof and evidentiary standards applicable to emergency defences;
- structural inequalities reflected in the Global North–South divide;
- comparative analysis between ISDS and commercial arbitration approaches; and
- drafting strategies to address sanctions, geopolitical disruption, and future emergencies.

As arbitral tribunals are increasingly called upon to adjudicate the legality of State conduct adopted under conditions of crisis, this book presents a major contribution to the debate concerning the tension between regulatory sovereignty and investment protection that characterizes ISDS. Practitioners, policymakers, and academics will appreciate its in-depth assessment of necessity and force majeure defences across treaty and contractual claims, as well as its practical guidance in navigating emergency-related investment disputes with a clear understanding of applicable legal standards.