在氣候變遷已成為全球所面臨的嚴峻課題下，如何確保國際投資協定不會阻礙、甚或有助於氣候目標的實現，便成為各國必須思索的重要議題。近年來，國際投資協定對於外國投資活動所提供的廣泛保護，導致國家基於維護或增進特定公共政策目標而採行的管制措施頻繁遭到投資者控訴，而此亦對於國家通過及實施氣候相關措施產生深遠影響。在此之下，對於國際投資協定進行系統性革新，藉以適度限縮投資者享有的權利，並賦予地主國政府較大程度的規制空間，實已刻不容緩。本文以能源憲章會議於2024年12月針對《能源憲章條約》通過的修正為焦點，分析修正後的相關條款於何種程度上有助於國家為應對氣候變遷採行相關措施。本文同時將探討《能源憲章條約》現代化所衍生的後續相關問題，並且進一步評估此次修正對於未來國際投資協定發展的影響。

Climate change has undoubtedly become one of the most pressing issues in modern times. Therefore, it is crucial to ensure that international investment agreements (IIAs) do not hinder the fight against climate change, and could even contribute to the achievement of climate change objectives. In recent years, numerous legal protections offered to foreign investment activities through IIAs has led to considerable investment claims brought by foreign investors against host governments on their regulatory measures for the protection or promotion of specific public policy objectives. This can also have far-reaching implications for the State to take climate actions. Against this backdrop, it is imperative to systematically reform IIAs to narrow down the scope of legal protection conferred on foreign investors and their investment and reserve regulatory space for the State. This article analyses the amendments to the Energy Charter Treaty (ECT) adopted by the Energy Charter Conference in December 2024 to examine the extent to which the modernised ECT may contribute to the achievement of climate change objectives. It further considers the subsequent issues arising from the modernisation of the ECT and evaluates the impacts of the modernised ECT to the development of future IIAs.