ARBITRATION: HAS THE IDEAL FORUM FOR ENVIRONMENTAL DISPUTES BEEN FOUND?

The adoption of a number of international agreements regulating measures to reduce greenhouse gas emissions and transition to renewable energy sources has been a peculiar reaction to global climate change. Not only states, but also private companies participate in the fight against the consequences of anthropogenic interference in the ecosystem. Their activities are also affected by the expansion of the ESG-agenda and climate change, which is associated with production, financial and reputational risks. Thus, the number of environmental disputes has also increased. Many of them are considered by arbitration institutions. The purpose of this article is to study the role of arbitration in resolving environmental disputes, which are defined as any disagreements related to climate change and ensuring human rights to a favorable environment. The author notes following features of environmental disputes: particular complexity, multi-subject composition, transboundary nature. Also, there is provided a classification of environmental disputes and given a description of individual types in the context of the current law enforcement practice of arbitration institutions. The author outlines advantages of arbitration as a forum for resolving environmental disputes. In particular, the author focuses on the availability of expertise, high qualification of arbitrators, procedural flexibility and timely execution of decisions. Taking into account the above-mentioned features of arbitration, a conclusion is made about the preference of this forum for resolving environmental disputes that require the use of faster and more effective procedures related to the special significance of the climate change problem.