Climate futures in the time of the unbroken asset

Abstract The crisis that now grips the ‘living earth’ establishes an intersection of climate and finance which entails questions of time: what does temporality mean in the context of both climate emergency and the processes of financialisation? In this paper, I intervene in these debates by reflecting on the reconstruction of time as a concrete legal object in the space of international investor-state arbitration. Over the past decade, international arbitration settlements, often using the accounting technique of discounted cash flow (DCF) analysis, have increasingly relied on a conception of investor-oriented time that offers an expansive future, a time of long-term unbroken integrity. I trace the complex but often uneven shifts in arbitration practices through which the future is reconfigured not as a proximate and conditional object but as a category, encoded in DCF, which is endlessly expansive. The time of the unbroken asset, I argue, is in urgent disjuncture with the time of transition.