development that meets the needs of the present without compromising the ability of future generations to meet their own needs

Principles

Integrating environmental and economic goals
Ensuring env. assets are appropriately valued
Providing for equity within & between generations
Dealing cautiously with risk and irreversibility
Recognising the global dimension

Ensuring environmental assets are appropriately valued

The valuations that people place on resources and on environmental assets more generally can include economic, ecological, aesthetic and ethical components. It is because different individuals and groups give different weightings to these components that conflicts of opinion arise as to how resources should be used.

Resources that are free or underpriced tend to be overused and abused, and environmental damage may result. Deficient pricing of natural resources is one factor contributing to Australia's problems of land, air and water degradation. Changing prices is one of the more direct ways of changing patterns of resource use.

Because of the subjective elements involved, translating valuation into prlce can be difficult. In some cases it may not be appropriate to attempt to do so. In these cases governments may need to arbitrate as to whether and on what conditions resources might be used. In such cases where choices have to be made, it is important that the decision making process is transparent and consistent.

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Source: Commonwealth Government, Ecologically Sustainable Development, AGPS Service, Canberra, June 1990, pp. 3-4.

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