"Climate Change for Foreign Investors in Canada? Taking the Temperature of Foreign Investment Review in 2011", presented at the ABA Section of International Law conference, April 2011
Date:
April 29 2011
In this article, Sandy Walker discusses climate change for foreign investors in Canada and also highlights that in a technical statute such as the Investment Canada Act (the "ICA"), the structure and the size of the investment may be critical in determining its reviewability – a point that foreign investors may increasingly consider.
With soaring demand for commodities, Canada’s resource-rich economy was a focal point of significant foreign direct investment in 2010. However, it was Canada’s foreign investment review process under the ICA that attracted the most headlines when the Government of Canada declined to approve the takeover of Potash Corporation of Saskatchewan (“PotashCorp”) by BHP Billiton (“BHP”), the Australian mining giant (the “Potash” decision) in November 2010. Potash is a mineral and the key ingredient in fertilizer. With food shortages globally, it is expected to be in high demand for years to come. Moreover, PotashCorp is the largest global producer of potash with 20% of the world’s potash capacity.
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