INTERNATIONAL ENVIRONMENTAL SUSTAINABILITY - POLICY AND LAW

Policies and institutional arrangements aimed at environmental sustainability need to address both spatial and inter-temporal (inter-generational) externalities, particularly when public goods are involved. Both types of externalities are extremely complex when they occur at an international level. International public goods, such as the oceans, atmosphere, biodiversity, and internationally unique areas and phenomena require regulatory arrangements at both national and international level for their protection, maintenance and rationing. In particular, international standards and rules, beyond those already in existence, for the prevention of transnational and inter-temporal externalities and for the protection of international public goods need to be established by the international community, and accepted and enforced by all members of the community of nations. Stringent, internationally accepted procedures for environmental impact assessment should be adopted as a first step.