When global crises hit, whether an economic collapse or the climate emergency, the ripple effects reach far beyond borders. At the heart of many of these challenges lies international investment law, the system that governs how states and foreign investors manage and resolve disputes. At Queen’s Law, doctoral candidates Deepti Panda and Oyindamola Aje are asking bold questions about how this system can adapt to protect the public interest in times of upheaval.
Deepti Panda: When states go broke, who pays?
For Deepti Panda, the turning point came during the COVID-19 pandemic. “A newspaper published an animated image showing a state in shackles with people standing around a begging bowl,” she recalls. “The article was about Pakistan experiencing an acute economic crisis, due to which the people could not afford healthcare, COVID vaccines, or even a loaf of bread. Meanwhile, Pakistan was subject to an investor-state arbitration award requiring it to pay an Australian mining company US$5.8 billion.”
That image sparked a question that became the foundation of her PhD research: When citizens face severe hardship, is it justified for a state to prioritize paying a commercial debt to a foreign investor — especially when that payment could sink the economy further into chaos?
Panda’s research, at the intersection of public and private international law, explores whether an economic crisis can constitute a valid defence for a state to oppose an investor’s claim for compensation before an international arbitration tribunal. Her work aims at generating two significant impacts: “First, influencing how investor-state arbitration tribunals approach cases involving economic crises will, in turn, affect foreign investors, cross-border business, and government policies,” she explains. “Second, by helping governments draft provisions that address the consequences of an economic crisis, it can guide future decisions and negotiations in international investment policy and treaty-making.”
Previously she practiced as a commercial law advocate in the Bombay High Court for 15 years, arbitrated over 30 cases, and conducted civil trials before courts and tribunals. Holding an LLB from Government Law College in Mumbai and an LLM from Queen Mary University in London, at Queen’s she is a recipient of the H.R. Stuart Ryan Fellowship in Law, Robert Sutherland Fellowship in Law, a Law Graduate Research Fellowship, and a Queen’s Graduate Award.
“I applied to Queen’s because I wanted to work with my supervisor, Professor Joshua Karton,” Panda says. “His ideas and expertise in arbitration really drew me here. The sense of community, incredible professors, and helpful staff stand out. As an international student, Queen’s Law has truly become a second home for me.”
Oyindamola (Damola) Aje: Climate action and investment power
Damola Aje focuses on another global challenge: climate change. Her research examines how foreign investment shapes government decision-making in resource-dependent countries like Nigeria — nations whose economies rely heavily on exporting natural resources such as oil and minerals — and how major investors can delay or weaken new climate regulations by leveraging their economic power, legal protections, and political influence.
“I approach this from a Global South perspective to show how these dynamics affect a country’s ability to take meaningful climate action,” Aje says. “Consistent and predictable regulations create the stable environment businesses need to plan their long-term investments. At the same time, governments must protect policy autonomy and ensure environmental governance reflects long-term public interests.”
Her work aims to have practical impact. “I hope that my research will influence the ongoing review of international investment agreements in Nigeria,” she explains. “Specifically, I aim to promote the integration of concrete climate carve-outs in new and renegotiated investment treaties.”
The urgency is clear. “Nigeria has begun tightening climate and sustainability rules, especially in high-emission sectors like energy and construction,” Aje says. “These measures could affect projects protected by contracts or treaties and may deter future investments. There is an urgent need to reduce the risk of legal disputes while creating a stable investment climate that retains and attracts foreign investments.”
Her perspective is grounded in Third World Approaches to International Law (TWAIL). “Through this lens, I examine international investment law alongside Nigeria’s experience as a resource-dependent economy undergoing climate transition,” she explains. “What makes my approach unique is that I go beyond critique to offer practical, context-specific recommendations for reform, drawing from Nigeria’s legal practices and investor operations.”
Aje earned her LLB degree from the University of Lagos and practised in Nigeria before completing an LLM at Queen’s. For her doctoral work, she has received a Law Graduate Research Fellowship and a Queen’s Graduate Award.
“I chose Queen’s Law because it offers strong expertise in international law and a supportive research environment,” she says. “The best part so far has been the sense of community. I have supervisors and colleagues who genuinely care about my progress and challenge me to think more deeply.”
A global perspective, a collaborative environment
Panda’s and Aje’s work illustrate the breadth and potential impact of doctoral research at Queen’s. From insolvent sovereigns to climate governance, their projects tackle urgent global issues through the lens of international investment law — showing how legal scholarship can influence policy and protect public interests.
For prospective graduate students, Queen’s offers more than academic excellence. It provides a collaborative environment where ideas flourish and where faculty and staff are committed to student success. Interested in joining a community that’s shaping the future of international law and other areas of law? Learn more about Queen’s Law’s graduate programs.