Relevance of Environmental Liability Insurance in Achieving Sustainable Development With Special Reference to Baghjan Gas Leak Case

Baghjan Gas Leak Case in Assam has again showed the devastating impact of anthropogenic activities for economic development on the natural ecosystem. The case is about a leakage of an oil well under the ownership of Oil India Limited (OIL) which has subsequently led to severe damage to the ecosystem of the nearby areas along with causing the death of many livestock and individuals. This case is not the only instance where human greed for material development has led to the loss of the ecosystem rather there were many such instances in the past like- Bhopal Gas Tragedy, Oleum Gas Leak Case, etc. after which the Central Government in India was forced to pass the Public Liability Insurance Act of 1991 for implementing a new kind of insurance called the Environmental Liability Insurance for ensuring the security of both the present and the future generations from harmful activities possessing the potential of grave ecological damage on the lines of Sustainable Development. This paper will therefore focus on the relevance of Environmental Liability Insurance (ELI) in India to mitigate the consequences of harmful anthropogenic activities for eco-restoration