Producing indifference: The assetization of arbitration awards

This paper examines the role of ‘third-party’ investors in investor-state arbitration awards. I argue that this investment entails an assetization of arbitration awards into objects which carry future returns. This converts investment treaty awards into derivatives which are indifferent to the underlying assets at dispute. This indifference facilitates a greater manoeuverability for both original asset holders and third-party investors and allows for more cases than would be brought otherwise – especially cases relating to climate. I argue, ultimately, that assetized awards underscore the ways in which the investment treaty regime remains an obstacle to any attempt to govern the future of a climate-changed world.