Solving “The Gravest Natural Resource Shortage You’ve Never Heard Of:” Applying Transnational New Governance to the Phosphate Industry
Experts believe that global reserves of phosphates, an essential and irreplaceable ingredient in fertilizers, will only last another fifty to one hundred years. Although the consequences of a phosphate shortage include a global famine and decreased world population, the phosphate industry today operates with little concern for sustainable mining and use of the resource. Because the current system of international governance is neither raising awareness of the looming phosphate shortage nor incentivizing phosphate-industry members to act sustainably, the future of phosphates and of food security depend on a decentralized system of internal industry governance known as Transnational New Governance. This Note analyzes the current regulatory framework before walking through the barriers and steps in industry adoption and implementation of the Transnational New Governance scheme.