An analysis of recent trends in investor–State arbitration cases brought based on international investment agreements (IIAs) shows a rise in disputes related to extractive activities and energy supply. These sectors accounted for more than half of the new cases in 2024, marking a significant increase compared to previous years.

These and other developments are highlighted in the IIA Issues Note No. 2 (September 2025) released by UN Trade and Development (UNCTAD). By the end of 2024, the total number of known investor–State dispute settlement (ISDS) cases under IIAs reached 1,401. Most of the cases – about 75% – arose in the past 15 years. In 2024, investors initiated 58 arbitrations, with about 55 per cent of them brought against developing countries. Developed-country claimants initiated most of the new cases with about 80 per cent.

Six cases in 2024 related to the mining of critical minerals required for the energy transition, such as copper, lithium, titanium and zinc. From 1987 to 2024, at least 139 cases (about 10 per cent of all cases) concerned various categories of critical minerals, including 51 cases specifically linked to critical minerals required for the energy transition.

Claimants filed 13 fossil fuel-related cases in 2024 and initiated 6 proceedings concerning investment in the renewable energy sector. Overall, investors have filed at least 249 cases related to fossil fuel activities, and 129 cases concerning renewable energy investments.

Often large sums are at stake in investor–State arbitration. About 60 per cent of all ISDS cases involved damages claims of $100 million and higher, including 143 cases in which investors sought more than $1 billion. The past decade shows a shift towards both higher damages claims and amounts awarded. Between 2015 and 2024, the average amount claimed rose to $981.8 million, while successful claimants were on average awarded $230 million – more than double the average for the period 1987–2014. These figures reflect the principal amounts of damages only; pre- and post-award interest incurred on the principal amounts can also be substantial.

UNCTAD's Investment Dispute Settlement Navigator provides comprehensive information on all known ISDS cases based on IIAs.

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