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2. Carbon Accounting by Public and Private Financial Institutions: Can We Be Sure Climate Finance Is Leading to Emissions Reductions?
- Author:
- Emily Spittle and Martin Dietrich Brauch
- Publication Date:
- 08-2021
- Content Type:
- Special Report
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Anthropogenic climate change due to the emission of greenhouse gases into the atmosphere is the greatest threat facing society this century. The Intergovernmental Panel on Climate Change (IPCC) highlights the urgency of ambitious climate action and the devastation that may be caused if this action is not realized.2 As such, decarboniz- ing the economy is a pressing challenge, and funding the zero-carbon transition will require large-scale finance. To achieve the scale and rate of change required for global carbon net neutrality by mid-century, both public and pri- vate finance must be mobilized to fund mitigation efforts across industries. In addition to directing capital toward mitigation projects, funding to carbon-intensive projects must be evaluated and ended if not aligned with decar- bonization targets. As stated in a 2019 feature in Nature, “[f]inanciers will have to step away from approaching cli- mate change on a project-by-project basis—a wind farm here, a solar plant there—and start thinking about the car- bon impact of every dollar spent. That means an end to projects that lock in unsustainable futures.”3
- Topic:
- Climate Change, Environment, International Cooperation, and Carbon Emissions
- Political Geography:
- Europe
3. How International Oil Companies Could Assist Greece to Achieve the Sustainable Development Goals: A Conversation Starter
- Author:
- Alexandra Sdoukou, Andrea Tornaritis, and Perrine Toledano
- Publication Date:
- 01-2019
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- This policy paper wishes to be a timely contribution towards a fruitful debate among stakeholders; it urges International Oil Companies (IOCs) to examine how the critical Sustainable Development Goals (SDGs) for Greece can be integrated into their core business so that the oil and gas industry can contribute to the country’s sustainable growth.
- Topic:
- Energy Policy, International Cooperation, Oil, Natural Resources, Gas, and Sustainable Development Goals
- Political Geography:
- Europe, Greece, and Mediterranean
4. Resourcing Green Technologies through Smart Mineral Enterprise Development
- Author:
- Salem Ali, Perrine Toledano, Nicolas Maennling, Nathaniel Hoffman, and Lola Aganga
- Publication Date:
- 02-2018
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Much has been written in recent years about the urgency to develop new technologies that meet ambitious targets for more efficient energy infrastructure with reduced reliance on fossil fuels. There has also been growing recognition that mineral scarcity can hamper the speed of key technologies being developed. The dominance of China as a global supplier of many technology minerals and the Chinese government’s ability to constrain supply has led to a focus on the international trade dimensions of the challenge. The United States, Japan, the European Union and South Korea have all been keenly focused on securing mineral supply for their domestic industries through a range of initiatives. These efforts have included the World Trade Organization dispute resolution mechanism; research investment in alternative and more widely available materials where possible; and considering strategic stockpiles of minerals from internal sources that harken back to Cold War era strategies for material security. In this report, we argue that a neglected area in addressing the mineral scarcity challenge is the private sector’s current trajectory for geological mineral exploration of key minerals and innovative initiatives on material efficiency and recycling where possible. We term this approach Smart Mineral Enterprise Development (SMED) which entails a partnership between public and private entities to consider pathways whereby public sector data sharing on geology can be coupled with research innovations in the private sector both upstream and downstream of mineral supply. Just as smart energy grids harness efficiencies in electricity supply and demand through a dynamic process of communication, SMED processes can do the same for key technological bottlenecks in mineral supply. We focus on cobalt to highlight the bottlenecks; identify alternative supply sources based on current exploration and recycling technologies; propose ways in which the international legal framework could be adapted to promote investments in critical minerals; and consider ways by which the public sector can assist the private sector in developing a SMED process that would bring forth more efficient and effective entrepreneurial activity to meet our green technology needs.
- Topic:
- Climate Change, Energy Policy, Science and Technology, Natural Resources, European Union, Green Technology, and Electricity
- Political Geography:
- United States, China, Europe, Asia, and South Korea
5. How International Oil Companies Could Assist the Republic of Cyprus to Achieve the Sustainable Development Goals: A Conversation Starter
- Author:
- Andrea Tornaritis and Perrine Toledano
- Publication Date:
- 10-2018
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- This policy paper is addressed to International Oil Companies (IOCs), public officials and Non-Governmental Organizations (NGOs) involved in the natural gas industry in Cyprus. There is currently no conversation happening in Cyprus on how the oil and gas industry could help Cyprus achieve their Sustainable Development Goals. Therefore, this paper hopes to initiate a debate and conversation around this topic. It provides an overview of the ways in which IOCs operating in Cyprus could contribute towards the sustainable development of the natural gas industry and assist the Republic of Cyprus to achieve a number of their 2030 Sustainable Development Goals (SDGs).
- Topic:
- Energy Policy, Oil, Natural Resources, Gas, Sustainable Development Goals, and NGOs
- Political Geography:
- Europe, Cyprus, and Mediterranean
6. The Challenges for Chinese FDI in Europe
- Author:
- Louis Brennan
- Publication Date:
- 03-2015
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- As the motives driving China’s outward foreign direct investment (OFDI) have expanded from resource - seeking to asset - and market - seeking, Chinese FDI in Europe has grown rapidly. Although Europe, with its advanced technologies and know - how, brands and sophisticated markets, represents an attractive destination for asset - seeking and market - seeking Chinese FDI, it has also posed challenges for Chinese investors. They arise for a number of reasons: the divergent characteristics of the host region, home country liability of origin, as well as China’s OFDI regulation and the capabilities of the investing enterprises.
- Political Geography:
- China and Europe
7. The Transatlantic Trade and Investment Partnership: A critical perspective
- Author:
- Rainer Geiger
- Publication Date:
- 04-2014
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Launched in July 2013 by the European Union and the United States, the Transatlantic Trade and Investment Partnership (TTIP) represents an important effort to reach a comprehensive economic agreement between two major trading partners. As has been pointed out, the project offers great opportunities for liberalizing trade and investment and regulatory convergence. Its level of ambition implies high risks, but despite negotiators' initial optimism, its success is far from certain.
- Topic:
- Economics, International Trade and Finance, Treaties and Agreements, and Foreign Direct Investment
- Political Geography:
- United States and Europe
8. The China-EU BIT: The emerging "Global BIT 2.0"?
- Author:
- Wenhua Shan and Lu Wang
- Publication Date:
- 08-2014
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Since China and the European Union (EU) announced their decision to negotiate a bilateral investment treaty (BIT) at the 14th China-EU Summit in February 2012, the two sides have engaged in two rounds of negotiations. If successful, it will be the first standalone EU BIT, a BIT between the world's largest developed economy and the world's largest developing economy, and will occupy a unique place in the history of BIT negotiations.
- Topic:
- Economics, International Trade and Finance, Bilateral Relations, and Foreign Direct Investment
- Political Geography:
- China, Europe, and Asia
9. The China-United States BIT negotiations: A Chinese perspective
- Author:
- Sheng Zhang
- Publication Date:
- 01-2014
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The China-US bilateral investment treaty (BIT) negotiations have attracted attention due to the relative size and weight of both economies. Despite broad consensus about the importance of such a treaty, there is considerable debate about its shape and content. The debate is reflected in two recent Columbia FDI Perspectives. Donnelly argued that a China-US BIT should be modeled on the US Model BIT without "splitting the difference between Chinese and US positions", and that the possibility of meaningful BIT negotiations are "really up to China at this point".
- Topic:
- Economics, Globalization, International Trade and Finance, Bilateral Relations, Foreign Direct Investment, and Governance
- Political Geography:
- United States, China, Europe, and Colombia
10. Perspectives on topical foreign direct investment issues
- Author:
- Rainer Geiger
- Publication Date:
- 04-2014
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Launched in July 2013 by the European Union and the United States, the Transatlantic Trade and Investment Partnership (TTIP) represents an important effort to reach a comprehensive economic agreement between two major trading partners. As has been pointed out, the project offers great opportunities for liberalizing trade and investment and regulatory convergence. Its level of ambition implies high risks, but despite negotiators' initial optimism, its success is far from certain. This Perspective focuses on the project's investment chapter, drawing lessons from the failed negotiations on a Multilateral Agreement on Investment (MAI), which was meant to consolidate the results of liberalization in the OECD area, establish new disciplines and introduce protection and dispute settlement.
- Topic:
- Economics, International Trade and Finance, and Treaties and Agreements
- Political Geography:
- Europe and North America
11. EU investment agreements and the search for a new balance: A paradigm shift from laissez-faireliberalism toward embedded liberalism?
- Author:
- Catharine Titi
- Publication Date:
- 01-2013
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In July 2012, in an internal document, the European Commission's Directorate-General for Trade suggested that future EU investment agreement s (EUIAs) should incorporate regulatory flexibility in the same way in which EU free trade agreements (FTAs) safeguard parties' policy space. Since it is expected that a number of treaties on the EU's negotiating agenda will be concluded in the near future, and given the policy shift that has already taken place in Canada and the US, it is time to start thinking about a new balance in a move away from investment treaties' traditional laissez-faire liberalism toward WTO law's embedded liberalism, a model whereby liberalization is embedded within a wider framework that enables public regulation in the interest of domestic stability.
- Topic:
- Economics, Globalization, International Trade and Finance, World Trade Organization, and Foreign Direct Investment
- Political Geography:
- Europe and Canada
12. Inward FDI in Ireland and its policy context, 2012
- Author:
- Louis Brennan and Rakhi Verma
- Publication Date:
- 03-2013
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Despite the global financial and economic crises and a sharp downturn in the domestic economy between 2008 and 2009, Ireland managed to attract large inflows of foreign direct investment (FDI) in 2010. Inward FDI (IFDI) flows in 2010 were at a similar level to those in 2009, the second highest in Ireland's FDI history. However in 2011, there was a decline in such flows. While Ireland's economy has been greatly affected by the global crisis, Irish government initiatives have further fostered the country's attractiveness as an investment location for the world's firms. All indications are that Ireland's IFDI performance will continue to surpass that of most countries into the near future.
- Topic:
- Economics, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Europe and Ireland
13. Inward FDI in Germany and its policy context, 2012
- Author:
- Thomas Jost
- Publication Date:
- 04-2013
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In 2011 and the first half of 2012, inward FDI (IFDI) flows to Germany continued to be relatively strong. Germany attracte market-seeking MNEs, as its economy showed remarkable economic growth despite the ongoing problems in many other countries of the Eurozone. In the second half of 2012, IFDI flows turned sharply negative, declining for the year as a whole to only US$ 7 billion, compared with US$ 49 billion in 2011. This decline reflects the difficult financial situation of many companies, including banks in the Eurozone, and could also dampen inflows in 2013. In the longer-term, Germany could profit again from rising FDI as its economy has successfully implemented reforms over the past decade, and the German Government has continued to keep its investment policy regime open.
- Topic:
- Economics, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- United States, Europe, and Germany
14. Much ado about nothing? State-controlled entities and the change in German investment law
- Author:
- Thomas Jost
- Publication Date:
- 06-2012
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The rise of sovereign wealth funds (SWFs) and state-owned enterprises (SOEs) -- together state-controlled entities (SCEs) -- has led to concerns that SCEs could threaten national security by following political rather than mere commercial goals with respect to their foreign direct investment (FDI). While developed countries acknowledged that the rise of SCEs should not lead to new barriers to FDI, several have changed their legislation to expand government oversight of FDI flows. In 2009, Germany also tightened its foreign investment regime. What are the first experiences with this change in German investment law?
- Topic:
- Economics, Markets, Foreign Direct Investment, and Law
- Political Geography:
- Europe and Germany
15. The (lack of) women arbitrators in investment treaty arbitration
- Author:
- Gus Van Harten
- Publication Date:
- 02-2012
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Investment arbitration has a remarkably poor record on representation of women. This calls for reform of the appointments process for arbitrators, who make important policy choices in the context of global governance.
- Topic:
- Economics, Gender Issues, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Europe
16. Outward FDI from Italy and its policy context
- Author:
- Marco Mutinelli and Lucia Piscitello
- Publication Date:
- 01-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Italian companies started to invest abroad in the 1960s in search of new markets. However, Italy's outward foreign direct investment (OFDI) performance is quite modest compared with that of other European Union (EU) countries, mainly due to structural characteristics like the low number of large firms, the specialization in traditional low-and medium-technology manufacturing industries and the almost negligible activity in advanced services. The global economic and financial crisis seriously affected the Italian economy. However, the positive trend of Italian OFDI was not interrupted, and in 2009 OFDI flows remained stable compared to 2008. Habitually silent on this policy area in earlier decades, the Italian Government has recently shown a more favorable stance toward OFDI, introducing specific policy measures addressed to small and medium-sized enterprises, which have started to expand strongly abroad – these now constitute almost 90% of Italian multinational enterprises (MNEs).
- Topic:
- Markets and Foreign Direct Investment
- Political Geography:
- Europe and Italy
17. From the FDI Triad to multiple FDI poles?
- Author:
- Karl P. Sauvant and Persephone Economou
- Publication Date:
- 07-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Twenty years ago, in the inaugural issue of the World Investment Report, the United Nations highlighted a shift in the global pattern of foreign direct investment (FDI) from bipolar, dominated by the United States and the European Community, to tri-polar (the FDI Triad), dominated by the European Community, the United States and Japan.
- Topic:
- Economics, International Trade and Finance, United Nations, and Foreign Direct Investment
- Political Geography:
- United States, Japan, and Europe
18. Outward FDI from Germany and its policy context: update 2011
- Author:
- Thomas Jost
- Publication Date:
- 09-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In 2010, German companies strongly increased their investments in foreign affiliates, with outward foreign direct investment (OFDI) flows having reached their third highest value on record (US$ 105 billion). Flows were driven by rising exports and growing profits of the German corporate sector. In 2010, the German economy made a robust recovery from the worldwide economic and financial crisis and became a growth engine among European Union (EU) countries. A further increase of OFDI is expected in 2011, as German companies are seeking to strengthen their strategic position in their main markets, although the pre-crisis level of OFDI flows of US$ 171 billion in 2007 will be hard to achieve. The German Government has continued to support the internationalization process of the German corporate sector by expanding its network of bilateral investment treaties and providing financial support and information services.
- Topic:
- International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Europe, Germany, and Ethiopia
19. The new Dutch sandwich: The issue of treaty abuse
- Author:
- George Kahale, III
- Publication Date:
- 10-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Years ago, international tax lawyers introduced us to the term “Dutch sandwich.” The concept was to sandwich a Dutch company between an investor from country A and its investment in country B. The combination of the extensive network of Dutch tax treaties and investor-friendly domestic Dutch tax law meant that country A's investor could reduce withholding tax on dividends out of country B and perhaps eliminate capital gains tax altogether by structuring its investment through a Dutch company.
- Topic:
- Economics, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Europe
20. Investment incentives and the global competition for capital
- Author:
- Kenneth P. Thomas
- Publication Date:
- 12-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Investment incentives (subsidies designed to affect the location of investment) are a pervasive feature of global competition for foreign direct investment (FDI). They are used by the vast majority of countries, at multiple levels of government, in a broad range of industries. They take a variety of forms, including tax holidays, grants and free land. Politicians, at least in the United States, may have good electoral incentives to use them.
- Topic:
- Development, Environment, Globalization, International Trade and Finance, Foreign Aid, and Foreign Direct Investment
- Political Geography:
- United States and Europe
21. Greek FDI in the Balkans: How is it affected by the crisis in Greece?
- Author:
- Persephone Economou and Margo Thomas
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The current Greek crisis raises the question of its impact on foreign direct investment (FDI) by Greece on its neighbors in the Balkans. Greek multinational enterprises (MNEs) first began to establish a presence there in the 1990s, following the breakup of the former Yugoslavia. This trend accelerated during the past decade. As of 2009, Greece's outward FDI stock in the Balkans stood at US$ 10.5 billion or 26.5% of Greece's outward FDI stock worldwide.
- Topic:
- Foreign Policy, Global Recession, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- Europe, Greece, Yugoslavia, and Balkans
22. Inward FDI in Finland and its policy context
- Author:
- Dan Steinbock
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- From independence to the collapse of the Soviet Union, inward foreign direct investment (IFDI) in Finland was either marginal (1917-1939) or insignificant (1945-early 1990s). Throughout this period, the success of Finland's core production clusters in forestry, metal engineering, chemicals, and plastics was based on exports, not IFDI (or outward FDI). However, with the end of the Cold War and the globalization of Finnish industries (especially the mobile communications cluster) in a period of strong export-led economic growth, IFDI in Finland took off rapidly from the mid-1990s. This period of growth came to an end with the global crisis of 2008-2009. In 2009, the Finnish economy shrank roughly by 8%, the sharpest plunge since the country's civil war in 1918. The recovery since 2010 has been relatively strong in comparison to that in most European Union (EU) economies, but Finland remains vulnerable to the Eurozone crisis. Today, IFDI is seen as an untapped resource, and the Finnish Government hopes to develop an IFDI promotion strategy in cooperation with the private sector and integrated with the national innovation system.
- Topic:
- Industrial Policy, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- Europe and Finland
23. Outward FDI from Greece and its policy context
- Author:
- Aristidis P. Bitzenis and Vasileios A. Vlachos
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- With the fall of centrally planned economies in the Balkans, their liberalization and the opening of their borders to free trade and capital movements, Greece became more active in the generation of outward foreign direct investment (OFDI). Greece's OFDI stock increased from US$ 3 billion in 1990 to US$ 6 billion in 2000 and to US$ 38 billion in 2010. The Europeanization process of Turkey and the transition of the economies in the Balkans was accompanied by a gradual rise of FDI from Greece into those economies. More than half of Greece's OFDI stock – over US$ 20 billion in 2009 (67% of total) – is located in South-East Europe: in the Balkans, Cyprus and Turkey. While Greece's early OFDI flows were directed to the secondary sector to reduce costs, the bulk of later flows was directed to the services sector, as new markets were opened. This shift signifies the rise of major corporate players. The Greek Balkan policy, which commenced through the European Union, and the upgrading of the Athens Stock Exchange have positively affected Greece's position as a key regional investor. The expectations for sustaining this leading role, however, have been weakened recently since, due to the Greek sovereign debt crisis, Greek multinational enterprises (MNEs) disinvested US$ 1.6 billion from their FDI abroad in 2010.
- Topic:
- Debt, Economics, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- Europe, Turkey, Greece, Balkans, and Cyprus
24. Inward FDI in Italy and its policy context
- Author:
- Marco Mutinelli and Lucia Piscitello
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The attractiveness of the Italian economy for inward foreign direct investment (IFDI) has been traditionally limited, despite the country's locational advantages such as a large domestic market and a skilled labor force. The recent global crisis worsened the country's IFDI position, with flows falling from US$ 40 billion in 2007 to -US$ 11 billion in 2008 before recovering to US$ 20 billion in 2009 but down again to US$ 9 billion in 2010. Although the country's IFDI stock had grown since 2000 at a rate similar to that of the European Union as a whole, in 2010 IFDI stock contracted vis-à-vis 2009, reflecting how Italy, compared to other key European countries and to its own potential, continues to underperform. The main obstacles to exploiting the country's potential for IFDI lie both in the largely insufficient actions undertaken to attract and promote IFDI, and especially in the lack of coordination with other relevant policy measures (e.g. infrastructure development) within a broader framework aimed at regional and national development.
- Topic:
- Development, Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Europe and Italy
25. Inward FDI in Russia and its policy context
- Author:
- Alexey Kuznetsov
- Publication Date:
- 11-2010
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In the 2000s, Russia became a significant host for inward foreign direct investment (IFDI). But its investment climate problems, especially corruption, do not allow Russia to exploit its locational advantages to the full. Russia attracts mainly European investors in a rather narrow range of industries (although the share of mining is decreasing) and regions (mainly in Moscow, St. Petersburg and oil-rich Sakhalin). However, even during the crisis, a new industrial cluster has developed near Kaluga and some large mergers and acquisitions (M) and greenfield projects have been realized outside the Central and North-West federal districts. Russia is trying to diversify the structure and geography of IFDI using incentives (e.g. in special economic zones).
- Topic:
- Corruption, Economics, and Foreign Direct Investment
- Political Geography:
- Russia and Europe
26. Is a model EU BIT possible—or even desirable?
- Author:
- Armand de Mestral
- Publication Date:
- 03-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The Treaty on the Functioning of the European Union (TFEU), which entered into force on December 1, 2009, extends the Common Commercial Policy (CCP) articles 206 and 207 to embrace “foreign direct investment.” This raises the question of whether the EU is now in a position to adopt a model BIT articulating a common policy on foreign direct investment (FDI). An EU policy on FDI could replace the disparate efforts of the 27 member states, complementing and reinforcing their efforts and presenting a stronger image to the world, especially at a time when the EU appears to have lost ground to other jurisdictions as a preferred destination for FDI.
- Topic:
- Economics, Treaties and Agreements, and Foreign Direct Investment
- Political Geography:
- Europe
27. It's time for an EU Investment Promotion Agency
- Author:
- José Guimón
- Publication Date:
- 03-2010
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- One important novelty of the Lisbon Treaty, ratified by the EU in December 2009, is the inclusion of FDI within the scope of Common Commercial Policy, implying a transfer of certain FDI competences from the member states to the EU, which now has the ability to conclude international investment treaties. Until now, member states had full competence over FDI, and the role of EU institutions was very limited. It remains to be seen how the new Treaty will be interpreted and implemented in light of the difficult legal and political questions that this development raises.
- Topic:
- Economics, Treaties and Agreements, and Foreign Direct Investment
- Political Geography:
- Europe
28. Russian outward FDI and its policy context
- Author:
- Andrei Panibratov and Kalman Kalotay
- Publication Date:
- 10-2009
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Outward foreign direct investment (OFDI) from Russia often surprises outside observers by its landmark deals. One of them was the purchase in September 2009 of a 55% stake in General Motors' German affiliate Opel by a consortium of the Canadian car maker Magna and the Russian state-owned bank Sberbank. The latter is the largest creditor of the Russian car maker GAZ, and may represent its commercial interests in the contract. With this deal, Russia has bought into the industrial heartland of the world economy and could potentially access more advanced technology. This acquisition hints at the growth of Russian OFDI in general, which has prospered despite fears in many host countries that the investors are subject to Russian political interference, a fear that recently announced Russian policy intentions may allay.
- Topic:
- Economics, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Russia, Europe, and Asia