Bilateral Investment Treaties
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Finally, one unique course may be to avoid a solution under public international law entirely, and instead, the Arctic coastal states may find a remedy through private ￼￼￼international law, perhaps through the humble bilateral investment treaty. Interestingly, ￼private enterprise has accommodated for an increasingly volatile environment of ￼energy exploitation—an environment in which investors have grappled with ￼governmental expropriation, unilateral changes to the tax regime, or other sources of ￼economic and political instability.131 If the coastal states were to enter into a bilateral ￼investment treaty specifically for the benefit of the oil and gas industry, the diplomatic ￼negotiations over such a treaty may accomplish what an ATS-style structure, the CLCS, ￼or any one of the formalists' legal “solutions” never could: provide the Arctic with a ￼stable legal regime. Because bilateral investment treaties often include dispute ￼resolution, security, investment protections, and a host of other facilitating mechanisms, ￼many of the Arctic's chilling effects on energy development may be avoided.132 While ￼the exact nature of such a bilateral investment treaty is beyond the scope of this Article, ￼an agreement under private international law could be a plausible way forward.