International Energy Governance

International Energy Governance

Selected Legal Issues

Rafael Leal-Arcas, Andrew Filis and Ehab S. Abu Gosh

The legal aspects at the junction of interstate energy cooperation have become increasingly important in a world that is hungry for energy security. This book focuses on selected legal issues relating to international energy governance. International law as it stands today is not well equipped to handle international energy governance issues fully. This legal deficiency affects energy security negatively. If the currently fragmented and multi-layered international energy governance regime were streamlined for greater legal cohesiveness and international political and economic cooperation, it would promote energy security. Some chapters of the book take a broader view on interstate energy cooperation, such as energy transit, energy market liberalization and energy investment. Others focus on specific areas of such cooperation, such as trade and energy; trade, environment and energy; and energy exploration and maritime delimitation disputes. The book also presents an analysis of European Union energy governance and renewable energy.

Chapter 9: Sustainable development and mega-regionals: the TTIP and TPP

Rafael Leal-Arcas, Andrew Filis and Ehab S. Abu Gosh

Subjects: economics and finance, energy economics, law - academic, energy law, environmental law, international economic law, trade law, politics and public policy, environmental governance and regulation

Extract

This chapter provides an analysis from the broader perspective of sustainable development of two mega-regional trade agreements currently under negotiation: the Transatlantic Trade and Investment Partnership (TTIP) and the Trans-Pacific Partnership (TPP). It is argued that these preferential trade agreements present a more efficient vehicle through which to promote sustainable development than the multilateral trading platform. The chapter presents the future of international energy governance in the broader context of sustainability by linking multiple policy objectives: energy, trade, and environment. It further argues that the TTIP has the potential to foster sustainable development, energy efficiency, and energy security. Trade has already proven to be a powerful tool towards achieving environmental goals. For example, the Montreal Protocol on Substances that Deplete the Ozone Layerrestricted Parties from trading in ozone-depleting substances with non-Parties. This served the dual purpose of encouraging wide participation (the Montreal Protocol now has 197 Parties),and removing any competitive advantage that a non-Party might enjoy (that is, preventing leakageto non-participating jurisdictions). Moreover, the success of the Montreal Protocol lies in the fact that trade was not actually restricted. Climate change, however, is a far more complex issue, both connected to and giving rise to a host of other issues and areas, including greenhouse gas (GHG) emissions, clean energy technology, knowledge transfer, investment in low-carbon economies, development assistance, carbon capture and storage, and adaptation.

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