The ethics of natural assets

Two principles, concerning (1) custodianship and (2) no retrospective right of ownership, will be fundamental to the just management of natural assets in future. Because natural assets are not man-made, the rights of ownership are not confined to the present generation that controls their exploitation. I have proposed an ethical requirement of custodianship towards future generations in which the present generation compensates future generations for the exploitation of natural assets by bequeathing the equivalent value of man-made assets. Because natural assets are discovered through a geological lottery, prior to search there is a natural veil of ignorance as to which locations will be endowed favourably and unfavourably. This creates a useful role for a polity to secure a just distribution of resource rents for all citizens rather than let them be dissipated through search and accrue highly unequally. But justice requires that ex post, well-endowed regions forfeit the right of ownership over those natural assets which have been discovered. Justice requires the rule of no retrospective right of ownership.