에너지 부문 국가 정책 시행 시의 투자자 보호 - 국가 정책 변경에 의한 국제투자분쟁 판정례를 중심으로 -

Amid the global climate crisis, states pursue diverse energy policies, often seeking to expand the supply of certain energy sources while restricting others through measures such as tightening operating permits, revisiting licensing conditions, and even revoking authorizations. In the energy sector, such policy adjustments can significantly alter the investment environment, prompting affected investors to initiate international arbitration. This has led to a notably higher frequency of investment disputes in the energy sector before the International Centre for Settlement of Investment Disputes (ICSID) compared to other industries. This paper selects two ICSID cases—Eiser v. Spain and Rockhopper v. Italy—where the primary cause of changed investment conditions was a shift in government policy. Both cases were arbitrated under the Energy Charter Treaty, one of the key instruments for investment protection in the energy sector. This paper analyzes how the specialized arbitral tribunal assessed these legal issues in Eiser v. Spain and Rockhopper v. Italy: the extent of police power justified by public interest, the investor’s duty of due diligence, and the legitimacy of investor expectations. The study highlights that addressing climate change requires phased state-level policies. It further argues that, when necessary, such policy implementation must be accompanied by practical considerations in the application of relevant investment law and treaties. Recognizing the predisposition toward public interest interventions in the energy sector, it calls for policy design that is properly calibrated to match the specific needs of international investment disputes in this field.