Compensation As Equity In Context Of Common Heritage Of Mankind: A Key To Sustainability And Inter-Generational & Inter-Regional Equity
Volume 2 Issue 2 (2009)
The principle of inter-generational equity, a recognised legal norm, is being threatened in the current global scene of rapid climate when those human resources which are common property are being destroyed at a very fast rate. At present, countries with more resources and technical knowhow are able to exploit the existing natural resources, thus depriving present as well as future generations of the same. This paper proposes a system of compensation to be paid by those countries which appropriate the earth’s natural resources in the present to compensate those who do not acquire their benefits till a later stage, or at all. This paper shall also demonstrate how this compensation regime is economically sound and promotes sustainable development.