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In times of rising geopolitical tensions, resource competition and increased government interventions in the economy: How can developing countries safeguard their right to regulate and yet offer adequate investment protection? Should this right be interpreted differently in light of their level of development and specific circumstances?This book shows that international investment law does not recognise a development-based right to regulate as such. Nonetheless, arbitral tribunals may consider contextual factors ? such as economic crises, political transition, and limited regulatory capacity ? when interpreting standards like fair and equitable treatment and indirect expropriation as well as the right to regulate. Against this background, the study analyses how the right to regulate can be incorporated into international investment agreements for tribunals to consider such contexts without undermining legal certainty.