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Energy Investment Risk Assessment (EIRA)

The Energy Investment Risk Assessment (EIRA) is a publication of the Energy Charter Secretariat that evaluates risks to energy investment that can be mitigated through adjustments to policy, legal and regulatory frameworks. It aims to identify policy gaps, provide learning opportunities, and stimulate reforms which make the investment climate of countries more robust and reduce the risk of investor-State disputes.

#EIRA2023 report assesses risks in 13 countries, spanning Europe, Asia, the Americas and Africa. The report covers the latest information on the efforts of countries to reduce risks for foreign investors that emanate from government action. It provides the most recent updates on policy, legal and regulatory developments in the participating countries on a plethora of issues, including supporting the energy transition, environmental protection, the climate-women nexus, most updated sectoral energy targets, power sector reforms, statistics on FDI inflow in the countries, prevention of corruption and transparency initiatives, financial and other incentives granted to energy investors, and investor-state dispute prevention mechanisms. The profiles of the recurrent participants include a year-on-year comparison table.

It also contains new information from the Orbis Crossborder Investment database on energy projects and deals completed between 2015-2023 in the participating countries. The data gives readers background information on the investment trends in the participating countries, the target industries that received the most attention, the number of projects and deals completed in this timeframe, and their value.

As of October 2019 a website dedicated to EIRA is available:

View EIRA website and download the #EIRA2023 publication


What is the aim of EIRA?

The target audience of EIRA is policymakers. Its objective is to assist them in (1) identifying policy and regulatory gaps and (2) taking action to attract sustainable investment in the energy sector. Additionally, it seeks to give the energy industry, investors, and the financial sector insight into the investment climate of the assessed countries. 


Which risk areas are covered by EIRA?

EIRA focuses on three risk areas: (1) unpredictable policy/regulatory change, (2) discrimination between domestic and foreign investors, and (3) breach of state obligations. 

Four indicators have been identified to measure these risks:

  1. The foresight of policy and regulatory change
  2. Management of decision-making processes
  3. Regulatory environment and investment conditions
  4. The rule of law (compliance with national and international obligations)

What is the geographical coverage of EIRA?

Participation in EIRA has grown considerably since its inception. Participation in EIRA increased from 9 countries in 2017 to 51 by 2023. The geographical reach of EIRA spans countries in Africa, Asia, the Americas, and Europe.

Extended EIRA country profiles

By request, the Energy Charter Secretariat develops extended EIRA country profiles. These extended profiles contain more detail and in-depth recommendations. They can be tailored based upon specific needs. In 2017, under the EU4Energy Programme, extended profiles were developed for Armenia and Belarus. In 2018 and 2019, extended EIRA country profiles were developed for Nigeria, based on a voluntary contribution from the Nigerian Government.

View all the countries participating in #EIRA2023