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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.

#EIRA2020 contains 30 profiles of countries from Africa, Asia, the Americas, and Europe.  It highlights the key strengths and areas for improvement in each country and gives recommendations to improve results. The profiles of the recurrent participants include a year-on-year comparison table.

This year’s report introduces a new annex which summarises of actions taken by governments to address the improvements suggested in the previous editions of EIRA. It also contains new information from the Orbis Crossborder Investment database on energy projects and deals completed between 2015-2020 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 #EIRA2021 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 30 countries in 2020 to 34 in 2021. The geographical reach of EIRA spans countries in Africa, Asia, the Americas, and Europe. Twenty-seven countries participating this year were also assessed in EIRA 2020, while two countries returned to the assessment from 2019. Apart from these, five countries are taking part in EIRA for the first time.

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 #EIRA2021


How to join the EIRA Report?

The Energy Charter Conference has now requested the Energy Charter Secretariat to develop the fourth edition of the report - #EIRA2021-  and invited all Contracting Parties, Signatories and Observers to take part in it on a voluntary basis.

Preparations for #EIRA2021 have commenced. All governments are invited to communicate their expression of interest to the Secretary-General of the Energy Charter Secretariat.

Countries may also request the Secretariat to develop an extended EIRA country profile. For such profiles, a voluntary contribution or external funding is required.