Valuing Natural Capital: Reconciling a Right to Development with a Right to a Healthy Environment in the Context of the Climate Crisis

Abstract

This article proposes that developed countries bearing the highest historical contribution to global emissions must be held accountable for financing the sustainable development of less economically advanced nations. Drawing upon the international legal concept of Common But Differentiated Responsibility (CBDR), the article argues that developed states have a duty to support developing states. Fundamentally, ‘Valuing Natural Capital’ aims to fairly compensate developing countries for the natural resources they were unable to exploit due to colonialism and historical economic structures. The article proposes an economic framework, grounded in the assumption of historic responsibility by developed nations for their carbon emissions, which would allow developing nations to seek economic redress under international law. By integrating legal, economic, and environmental considerations, this article will take an interdisciplinary approach, aiming to promote a more equitable global response to climate change which prioritises both ecological sustainability and social justice in international climate policies.