Originally from the Journal of Damages in International Arbitration

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AWARD, MARCH 8, 2021

The Parties
FREIF Eurowind Holdings Ltd (the Claimant)
Kingdom of Spain (the Respondent)

Sector
Renewables

Applicable Treaty
Energy Charter Treaty (ECT)

Members of the Tribunal
Doug S. Jones (President), C. Mark Baker (Claimant’s appointee), Kaj I. Hobér (Respondent’s appointee (replaced)), Thomas Clay (Respondent’s appointee)

I.  BACKGROUND
In the mid-2000s, Spain (and certain other European countries) implemented a series of policies aimed at reducing CO2 emissions. The policies were enacted in response to a European Union directive that required Member States to reduce their carbon emissions in line with obligations committed to under the Kyoto Protocol.