根据《华盛顿公约》与具体的投资协定,碳排放权可被视为投资。因此,碳排放权在遭受征收或歧视时可受到国际投资法的保护,并可得到公平与公正待遇的保障。由于东道国在国际投资争端中的应诉成本很高,一些国家可能会减缓排放交易机制的实施。考虑到在全球范围内建立排放交易机制的重要性,不应给予碳排放权过高的投资保护。在国际投资协定中纳入环境例外条款可以在环境保护与投资保护之间实现最佳平衡。 Under the Washington Convention and the specific investment agreement, carbon credits can be considered as investments. As a result, carbon emission rights, subject to expropriation or discrimination, can be protected by international investment law and guaranteed fair and equitable treatment. Some countries may slow down the implementation of the ETS because of the high cost of responding host countries in international investment disputes. Given the importance of establishing an emissions trading scheme on a global scale, investment protection should not be given too much for carbon emissions. The inclusion of environmental exception clauses in IIAs can strike the best balance between environmental protection and investment protection.