European investment projects in third countries: Legally green?

This article provides an overview of the corporate self-regulation by five European-based multilateral financial institutions where European environmental acquis is applied in investment projects in the third countries. Academic research on environmental standards suffers from a certain imbalance. While scientific studies of European ambient standards and standards regulating environmental performance and its consequences are ample, little has been written so far about their application by the European players outside the European Union. This gap in the literature is, however, critical, considering the leading role the Union seeks to play in the proliferation of high environmental standards worldwide.