On 19 August 2024, the International Centre for Settlement of Investment Disputes (ICSID) published its caseload statistics for 2024, reporting an impressive fiscal year (FY2024) with 58 new cases registered. This represents the second-highest number of new cases in the organization’s history. The majority of these new cases (53) were initiated under the ICSID Convention, with four cases invoking the Additional Facility Rules, and one case proceeding under the ICSID Conciliation Rules.
The total number of ICSID cases administered in FY2024 reached 341, marking the second-highest on record and reinforcing ICSID’s central role in investor-state dispute settlement. ICSID also administered 17 cases under other rules, including 13 cases under the UNCITRAL Arbitration Rules.
Trends in Legal Basis and Regional Distribution
Bilateral investment treaties (BITs) remain the predominant basis for jurisdiction in ICSID cases, continuing a long-standing trend.
In 2024 33% of new cases ICSID registered were based on consent provided in a multilateral instrument, including the Energy Charter Treaty (ECT), the North American Free Trade Agreement (NAFTA), the United States-Mexico-Canada Agreement (USMCA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), or the Dominican Republic-Central American Free Trade Agreement (CAFTA-DR). 12 % of new cases registered came from investment contracts between investors and host States (6%) and bilateral free trade agreements (6%).
This broader application of free trade and investment agreements in ICSID cases may reflect the increasingly complex landscape of international trade and investment.
The regional distribution of new cases in FY2024 shows a diverse range of disputes, with Eastern Europe and Central Asia leading with 24% of new cases. This is followed by South America (19%), North America (16%), and Central America and the Caribbean (12%). Sub-Saharan Africa and Western Europe each accounted for 10% of new cases. The Middle East and North Africa, although lower in numbers at 7%, continue to be represented in ICSID’s caseload, reflecting the region's ongoing engagement with ICSID as a forum for settling investor-state disputes.
The involvement of the European Union as a party to an ICSID proceeding was a landmark development in FY2024—the first instance following the 2022 amendments to ICSID’s Additional Facility Rules which now allow Regional Economic Integration Organizations (REIOs) to be parties.
Sectoral Analysis: Energy and Infrastructure Dominate
In terms of economic sectors, the oil, gas, and mining industries continue to dominate ICSID’s caseload, representing 28% of new cases in FY2024. Electric power and other energy sources also featured prominently, accounting for 17% of new cases. This trend is consistent with historical patterns, given the significant capital investments in these sectors, the ongoing global energy transition, and the associated legal challenges and risks.
Infrastructure-related cases, particularly in the transportation and construction sectors, also saw significant activity, comprising 19% and 14% of new cases, respectively.
ICSID Tribunal Outcomes
In 2024, ICSID tribunals continued to exhibit a balanced approach in their decisions. Of the cases decided by tribunals, 53% of the awards were in favour of investors, either partially or fully. Conversely, 36% of cases resulted in a complete dismissal of the investors' claims on the merits, while 11% were dismissed due to a lack of jurisdiction.
Furthermore, in FY2024, 47% of ICSID arbitrations were settled or otherwise discontinued at the request of both parties.
These outcomes are consistent with the historical data seen in ICSID cases.
Diversity and Gender Balance: Progress with Room for Growth
Diversity among arbitrator appointments continues to be a focal point for ICSID.
In FY2024, individuals of 49 different nationalities were appointed, marking a new high in terms of geographical diversity. Moreover, 11% of appointments were first-time appointees, half of whom were from low- or middle-income economies.
Gender diversity also saw improvement, with women accounting for 29% of all appointments in FY2024, up from 22% in FY2023. This positive trend is further reinforced by the fact that 43% of ICSID-appointed arbitrators were women.
However, a gap remains in party-appointed arbitrators, where the proportion of women is still comparatively low. Additionally, the regional distribution of party-appointed arbitrators was rather geographically narrow, with more than half of all appointments from Western Europe and North America.
Despite these challenges, the overall progress in geographic and gender diversity signals a positive direction for ICSID, aligning with broader global efforts to enhance representation in international arbitration.
Conclusion
The ICSID Caseload Statistics for FY2024 demonstrate a year of robust activity and continued relevance in the field of investor-state arbitration. With a near-record number of cases and significant diversity in both the nature of disputes and the profiles of arbitrators, ICSID remains a central forum for resolving investor-state conflicts.
The growing use of multilateral trade agreements, increasing geographical diversity of cases, and improving gender balance among arbitrators are all indicative of evolving dynamics in international investment arbitration.
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