ABSTRACT
This chapter creates a major breakthrough by proposing certain forceful alternatives like prioritising an ‘overwhelming binding awareness’ across social forces for preserving nature as indispensable and non-negotiable exercise. It draws the attention of few countries in South America and Asia that have formulated legal rights for natural objects and provide an environmental entity as ‘legal personality’. This signifies that nature cannot be owned by anyone and has the right to be represented in the court of law. However, the chapter problematises the limitations of the legal frame in the practicing world, and invokes robust alternative accounting frame for natural resources and a federal architecture ensuring collaboration and cooperation of stakeholders. It also proposes an incentivising mechanism like Debt-for Natural Swap to incentivise the states to restore the environmental balance in exchange for a waiver of a fixed percentage of their debt burden owed to the state. It then moves towards a permanent institutional mechanism to help bring the states back from the brink of environmental disasters.
