Jurisdiction(s):
United Kingdom

Key definition

Investment definition

What does Investment mean? In practice, investment describes an asset or bundle of rights committed in a host state with the aim of generating a return. In investor-state work, the operative definition is treaty-specific: most bilateral investment treaties (BITs) and the Energy Charter Treaty use broad, asset-based lists covering, where applicable, tangible and intangible property located in the territory, shareholdings and other equity interests, contractual rights (including concessions), intellectual property, and loans or claims to money, subject to stated carve-outs. The ICSID Convention does not define investment; tribunals assess jurisdiction by the treaty text and case law, commonly considering a contribution of resources,...

Investment protection standards under the Energy Charter Treaty: FET, expropriation, unreasonable and discriminatory measures, umbrella clause, with case law, Modernised ECT reforms and the right to regulate

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Practice notes

This Practice Note focuses on the substantive protections afforded by the Energy Charter Treaty (ECT). It does not address who qualifies as an investor or Investment, denial of benefits, or the ECT’s dispute settlement procedures and architecture (including Arbitration). For further information on those topics, see Practice Note: Investment treaty arbitration under the Energy Charter Treaty. The expressions investor, investment and Contracting Party are used here as defined in that Practice Note. Part III of the ECT sets out a suite of provisions conferring a robust level of protection on foreign investments made within the territories of host states that are Contracting Parties to the ECT. Among the most significant clauses in Part III are Articles 10 and 13. In December 2024, the Energy Charter Conference adopted a ‘Modernised ECT’, which adjusts the substantive standards and tightens the scope of investment protection, as outlined below. From 3 September 2025, that Modernised ECT will apply provisionally to Contracting Parties that have not opted out of provisional application. It will take effect 90 days after three-fourths of the Contracting Parties lodge instruments of ratification, acceptance or approval, and then only as between those Parties that have deposited such instruments. For more information...

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Praharsh Johorey

Gibson Dunn

Praharsh Johorey is an associate attorney in the Dubai office of Gibson, Dunn & Crutcher. He is a member of the firm’s International Arbitration Practice Group. Praharsh works with clients to resolve a wide range of complex disputes, with a focus on cross-border investment-treaty and commercial arbitrations. He has experience advising clients under a variety of arbitration rules, including the UNCITRAL, AAA, SCC and JAMS rules. Praharsh earned a Bachelor of Arts and Laws (with Honors) from the National Law Institute University (India) in 2018. He subsequently earned a Master of Laws from Columbia Law School (USA), where he graduated as a James Kent Scholar for outstanding academic achievement, and a J.N. Tata Endowment Scholar. Before joining the firm, Praharsh served as a law clerk to Justice R.F. Nariman in the Supreme Court of India from 2019 to...

Charline O. Yim

Gibson Dunn

Charline Yim is an associate in the New York office of Gibson, Dunn & Crutcher. She is a member of the Litigation and International Arbitration Practice Groups. Ms. Yim earned her Juris Doctor in 2011 from Harvard Law School, where she was the Co-Editor-in-Chief of the Harvard International Law Journal. She graduated summa cum laude in 2008 from the University of California, Los Angeles, where she studied Economics, English, and Political Science, and was elected to Phi Beta Kappa. Ms. Yim is admitted to practice in the State New York, and before the United States District Court for the Southern District of New York and the United States District Court for the Eastern District of New York. ...

Victoria R. Orlowski

Gibson Dunn

Victoria R. Orlowski, an associate in the New York of Gibson ,Dunn & Crutcher, acts as counsel in both commercial and investment-treaty based international arbitrations, as well as in litigation matters. In addition to representing clients, Ms. Orlowski is active in the international arbitration community. She is acting Vice President of the Standing Committee of the ICC International Centre for ADR and Co-Chaired the ICC Commission's task force on the revision of the Rules of ICC as Appointing Authority in UNCITRAL Or Other Ad Hoc Arbitration Proceedings, which came into force in 2017. Ms. Orlowski joined Gibson Dunn from the Secretariat of the International Court of Arbitration of the International Chamber of Commerce. As counsel of the North American team and then as Managing Counsel, she supervised the ICC Court's case management teams, performed second level review of draft arbitral awards, worked closely with the...

Ankita Ritwik

Gibson Dunn

Ankita Ritwik is an associate in the Washington, D.C. office of Gibson, Dunn & Crutcher. She is a member of the Litigation and International Arbitration Practice Groups. Ms. Ritwik's recent experience includes representing multinational companies with investments in Latin America, Asia and Africa, in the energy, manufacturing and mining industries. Ms. Ritwik earned her Juris Doctor cum laude in 2013 from Harvard Law School, where she was the Notes Editor for the Harvard International Law Journal. She graduated with honors from Yale University in 2007, where she double-majored in Economics and Molecular Biophysics & Biochemistry. Before attending law school, Ms. Ritwik worked as a business analyst for McKinsey & Co. Ms. Ritwik is fluent in Hindi, and has a working knowledge of Spanish and French. Ms. Ritwik is admitted to practice in the District of Colombia and the State of New...

Web page updated on 21/05/2026

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