21Principles of ecologically sustainable development

#### 21 Principles of ecologically sustainable development (1) This section applies to a decision of a Minister to approve a proposal to spend an amount standing to the credit of the Account for a purpose of the Account. (2) In making that decision, the Minister concerned must have regard to: (a) the principles of ecologically sustainable development; and (b) such other matters as the Minister concerned considers relevant. (3) For the purposes of this section, the principles of ecologically sustainable development consist of: (a) the following core objectives: (i) to enhance individual and community well‑being and welfare by following a path of economic development that safeguards the welfare of future generations; (ii) to provide for equity within and between generations; (iii) to protect biological diversity and maintain essential ecological processes and life‑support systems; and (b) the following guiding principles: (i) decision‑making processes should effectively integrate both long‑term and short‑term economic, environmental, social and equity considerations; (ii) if there are threats of serious or irreversible environmental damage, lack of full scientific certainty should not be used as a reason for postponing measures to prevent environmental degradation; (iii) the global dimension of environmental impacts of actions and policy should be recognised and considered; (iv) the need to develop a strong, growing and diversified economy that can enhance the capacity for environmental protection should be recognised; (v) the need to maintain and enhance international competitiveness in an environmentally sound manner should be recognised; (vi) cost‑effective and flexible measures should be adopted; (vii) decisions and actions should provide for broad community involvement on issues which affect the community. > Note: The principles of ecologically sustainable development that are set out in this subsection are based on the core objectives and guiding principles that were endorsed by the Council of Australian Governments in December 1992.