Abstract:
The interplay between economic growth and environmental protection is a
critical issue in regulating extractive industries, which play a vital role in
economic progress by providing essential resources and employment
opportunities. However, these industries also pose significant environmental
risks, including habitat destruction, pollution, and resource depletion. As
global discussions on resource management evolve, the challenge remains to
find a sustainable approach that allows for economic development while
effectively protecting the environment. This research employs doctrinal legal
research combined with comprehensive literature reviews to analyze court
interpretations and existing environmental management practices. It focuses
on the role of laws and regulations in enforcing environmental standards,
requiring impact assessments, and mandating the adoption of best practices
for resource management. Furthermore, the study explores key international
frameworks, such as the 1987 Brundtland Report, the Rio Declaration, and the
Stockholm Declaration, to underscore the necessity of sustainable resource
use. The analysis reveals significant challenges and opportunities in
reconciling economic interests with environmental sustainability. It assesses
the effectiveness of current regulations, drawing comparisons between Sri
Lanka and other jurisdictions, and offers insights into the practical
implementation of sustainable development goals. In conclusion, the paper
underscores the crucial role of environmental law in navigating the conflicts
between industrial rights and environmental protection. It provides
recommendations for enhancing legal mechanisms that ensure extractive
industries contribute to economic growth while safeguarding environmental
integrity. By promoting a balance between development and sustainability, the
research advocates for a future where both economic and environmental
interests can thrive.
