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Maillo, Jeronimo --- "Tax incentives for green investments: limits to state cutbacks. A reflection on legitimate expectations and fair and equitable treatment of investors" [2019] ELECD 1909; in Villar Ezcurra, Marta; Milne, E. Janet; Ashiabor, Hope; Skou Andersen, Mikael (eds), "Environmental Fiscal Challenges for Cities and Transport" (Edward Elgar Publishing, 2019) 32

Book Title: Environmental Fiscal Challenges for Cities and Transport

Editor(s): Villar Ezcurra, Marta; Milne, E. Janet; Ashiabor, Hope; Skou Andersen, Mikael

Publisher: Edward Elgar Publishing

Section: Chapter 3

Section Title: Tax incentives for green investments: limits to state cutbacks. A reflection on legitimate expectations and fair and equitable treatment of investors

Author(s): Maillo, Jerónimo

Number of pages: 13

Abstract/Description:

Can a State which has heavily incentivized long-term green investments for several years subsequently change the applicable framework, thus reducing the benefits for investors? To what extent and within which limits? This chapter explores these issues in the case law of the Spanish Constitutional and Supreme Courts, and above all in the arbitration awards issued by international arbitration tribunals, and reveals the existence of a double standard. It mainly focuses on the limits according to the Energy Charter Treaty and general principles of law - in particular, the need for fair and equitable treatment of investors and related aspects such as the concept of legitimate expectations and the principle of non-retroactivity. However, it also tackles correlated issues, such as the intersection between the EU State aid regime and the principle of legitimate expectations; and the different treatment of national and foreign investments.