Intergenerational Equity Need For Development On Sustainable

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Intergenerational Equity Need for Development on

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Paper on Intergenerational Equity Need for Development on Sustainable Basis.
In the ambit of Developing nexus between Trade Liberalization and Environment Protection.
10th Justa Causa National Seminar.
Developing nexus between Trade Liberalization and Environment Protection.
Gone are the days when Industrial Developmental and environmental issues were considered as conflicting
objectives. Now stakeholders of company have understood the importance of environment protection and are
supporting companies following environmental friendly processes. Thus, companies are looking forward to
maintaining ecological balance to impress their consumers and maximize wealth of shareholders.
Trade liberalization is increasing in all countries by lessening strict rules for international trades. But it has not
benefited all regions of the world or all layers of society in an equal manner. There is in fact an increasing and
troublesome split between a group of middle income developing countries and developed countries. Developed
countries are successful participants in global trade and a nearly 80 developing and transition economies
comprising over one third of world population are virtually excluded from benefits thereof.
In earlier days, it was assumed that in procedure of industrial growth, environmental damage is incidental and no
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efforts were taken to minimize the same. Eventually it gave rise to major environmental problems and to sort this out
industrial development and environmental protection joined hands.
Now it is accepted that development shall be carried out uniformly and in environment friendly manner. But some
hazardous industries are essential constituent of developmental procedure. Therefore more strict regimes were
applied on such hazardous industries by inserting provisions in various laws in India and overall globe such as:
a. Factories Act 1948 included strict rules for the occupier of the Factory.
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b. Environment (Protection) Act 1986 specified definition of hazardous substance, occupier, and gave special
powers to inspecting authority.
c. Union Carbide corporation V. Union of India AIR 1990 SC 273 introduced the principle of Absolute Liability.
d. Environmental Impact Assessment (EIA) was introduced which is to identify and evaluate the potential of
development projects on the environmental system.
e. Environmental Performance Index (EPI) was formed which is method of quantifying and numerically
benchmarking environmental performance.
f. Concept of environmental audit is also introduced as management tool in industries.
It is evident from the above facts that special reforms for hazardous industries are paving way for Environmental
Protection along with Trade liberalization in India. Intergenerational Equity and Sustainable development are some
of the principles discovered to achieve object of Trade Liberalization along with Environmental Protection.
Intergenerational Equity Need for development on Sustainable Basis
Generally in a family, some savings are kept with the view of serving emergencies. Such savings are bequeathed by
generations to next generations to ease their difficulties. But following generations also follow the tradition of saving
and even if such savings are used in urgent situations the next generation is left with some amount. But if one
generation breaks this tradition of saving and blows off all savings, take huge loans then coming generation also
suffers from those loan repayment. This is injustice with the next generation. Similarly, if we replace the act of
present generation taking loan by present generation exploiting all natural resources and disturbing ecological
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balance, coming generations will face the consequences which will not be justifiable. Thus, the concept of
Intergenerational Equity evolved.
Equity as we all know signifies impartiality or similarity. The word Equity in business language means funds or
capital. According to me, the word Equity in Intergenerational equity borrows both the meanings of Equity. Equity
signifies availability of resources to all generations and also treats Natural Resources as funds for development for
generations to come. The Intergenerational equity can be defined as endowed institution's spending rate must not
exceed its after-inflation rate of compound return, so that investment gains are spent equally on current and future
constituents of the endowed assets. It can be deduced as idea of justice and fairness in relationships
between children, youth, adults and seniors, particularly in terms of treatment and interactions.
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It is true that without using natural resources development is not possible. Concept of Intergenerational equity
promotes the use of resources in optimal manner. It limits present generation from using the resources to the
exhausting level so that future generation can also get a chance of using those natural resources. Natural resources
are not owned by any human being or for that matter any human generation and they cannot be recreated by
humans; they must be utilized by all generations equitably.
The need for Intergenerational equity arose because of following three main reasons:
1. Pollution disturbing Ecological Balance: Ecological Balance is must for smooth procedure of recreation of
natural resources by nature. But stepping stones towards development are the main reasons behind disturbed
ecological balance. While growth of Industrialization, environment protection was considered as hurdle in its path
and no measures were taken to minimize the pollution so caused by growing industries. Apart from Industrial
activities, human activities are also contributing to various types of pollutions such as Air Pollution, Water Pollution,
Noise Pollution, Land Pollution, etc. Natural resources are getting polluted in every possible way due to human
activities.
2. Loss of Biodiversity: Biodiversity can be referred as variety of life forms. Various forms of life due to genetically
combinations, species and also ecosystem are covered under biodiversity. Bio diversity helps in protection of water
resources, nutrient storage and cycling, climate stability, maintenance of ecosystem. But these benefits are not
widely known and there was no specific effort taken to prevent bio diversity. This resulted in diminishing of many
species of birds, animals and affecting ecological system.
3. Excessive and Reckless Use of Natural Resources: We all know that natural resources are very scarce and
they can be recreated only by nature which may require over hundreds of years. Present generation is using every
possible modern gadget to ease their life. Such gadgets use power which is directly or indirectly generated from
natural resources. Present generation is using natural resources in excess and up to exhausting level. This gave
alarming signals to whole world and resulted in evolution of concept which emphasize saving of natural resources
for future generations who also have equal rights over natural resources available in the world.
The intergenerational equity explored in field of environment by introducing the concept of saving resources for
future generation which paved path for Sustainable Development.
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The development that meets the needs of the present without compromising the ability of future generations to meet
their own needs is described as Sustainable development, it is a pattern of growth in which resource use aims to
meet human needs while preserving the environment so that these needs can be met not only in the present, but
also for generations to come. Its a buzz word in todays era. All countries have included word sustainable in their
developmental objectives. Sustainable development is defined by the Brundtland Commission as development that
meets the needs of the present without compromising the ability of future generations to meet their own needs.
Sustainable Development - Need of the hour
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We want the fastest, most efficient and convenient sources of transport to facilitate our development. We want the
best machines to churn out goods at the speed of sound. We require the best communication facilities, the best
buildings, and the best bridges. Growth, development and profit these are the motivational forces in todays fast
paced world.
All the demands of developing and developed nations require the manipulation of natural resources. No economy
can survive without coal, petroleum, electricity, wood and steel. The world is now confronted with the challenge of
optimizing the use of the currently available resources in a way to meet the needs of the present generation without
compromising on the requirements of the future generation. To add to this, now it is also imperative that our fragile
environment suffers the least damage possible. In more technical terms, sustainable development is the need of the
hour.
The future of our planet depends on our use of the available resources. This does not mean that we stall all
progress to save the resources for our future generation. This calls for efficient use of non-renewable resources.
Wastage of such resources must be minimized and alternative sources should be made more feasible for even the
common man. By shifting the energy burden from non-renewable to renewable resources, we can stand up to the
challenges of the future.
To address the issue of sustainable development from its root causes, many conventions were held worldwide and
Regulation guidelines were prepared. They can be summarized as follows:
* The first step towards international environmental issues was taken in 1972 at Stockholm in United Nations
Conference on Human Environment. United Nations Environment Programme was established which initiated
formation of many laws in various countries relating to environmental protection.
* Rio Summit which is popularly known as Earth Summit was held in 1992 in which Agenda 21 was passed which
was in the form of some principles such as equitable utilization of natural resources, polluter pays, etc. which
countries in the summit agreed to follow.
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* WWF (World Wide Foundation) is formed for protecting the worlds wildlife, endangered species, etc. They are
conservation leaders for more than 39 years.
* BASEL Convention on Trans boundary Movements of Hazardous Wastes and their Disposal was held in 1989
made environmentally sound management prerequisite in Tran boundary movement of wastes.
* Kyoto Protocol was adopted in 1997 by 37 countries. It sets binding targets for 37 countries for reducing
greenhouse gas emission. Protocol places a heavier burden on developed nations. Market based mechanism allow
developed parties to earn and trade emission credits.
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* Recently a summit was held in New Delhi Sustainable Development to discuss the issues of renewable energy,
biodiversity, water and climate change, etc.
* Apart from this many conventions on issues such as Preservation of Wetlands, Sea Water, Marine lives, Trail
Smelter Arbitration were passed which focused on root causes of need of sustainable development such as bio
diversity conservation, ecological systems balance, etc.
CONCLUSION
Intergenerational Equity is required due to undue human interference in natural systems. It can be achieved through
development on sustainable basis. An important step towards this path is formation and implementation of proper
Trade policy. Trade Policy has a vital role to play in actively supporting environmentally friendly trade. Trade related
instruments should be further encouraged to act as a driver for providing incentives to more sustainable trade flows.
Trade tools could, for instance, be instrumental in making tangible progress towards more sustainable consumption
and production patterns. Economic instruments also need to be more actively developed, notably with a view to
allow for the necessary internalization of external environmental costs. For example now days, companies are
including sustainable reporting in their Annual Reports in order to attract shareholders who are aware of its
importance. Many treaties are formed for giving companies standard benchmarks which they can achieve in
sustainable reporting. In addition, positive synergies between trade, environment and development should be further
considered, particularly regarding the elimination of environmentally damaging subsidies and the promotion of
environmentally friendly goods and services, with a special focus on those originating in Developing Countries. We
the members of present generation, we hold the earth in trust for future generations and sustainable development
will help us achieve the same.
By: Madhura Ubale

2nd Semester, L.L.B (3 Years)
Dr. B. A. Collage of Law(Main Branch)
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Intergenerational Equity Need For Development On Sustainable

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