A comprehensive, critical analysis of the interactions between investment, trade and the environment. It examines the consequences of existing multilateral investment and trade regimes, including the WTO and the MAI for the environment, and asks how they should be reformed to protect it. In doing so, the text shows how these regimes can be greened without erecting protectionist barriers to trade that frustrate the development aspirations of poorer countries. The solution seeks to offer a way out of one of the most difficult dilemmas in international policy: how investment and trade can protect the environment without encouraging protectionism by the industrialized world.