<P> The Rio Declaration on Environment and Development, often shortened to Rio Declaration, was a short document produced at the 1992 United Nations "Conference on Environment and Development" (UNCED), informally known as the Earth Summit . The Rio Declaration consisted of 27 principles intended to guide countries in future sustainable development . It was signed by over 170 countries . </P> <P> The international community met twice to assess the progress made in implementing the principles of the document; first in New York in 1997 during a General Assembly Session of the UN, and then in Johannesburg in 2002 . While the document helped to raise environmental awareness, evidence shows that little has been achieved in the document's environmental goals . </P> <P> The Rio Declaration proclaims 27 principles . It includes formulations of the precautionary principle (principle 15) and of the polluter pays principle (principle 16). </P>

Explain the importance of rio declaration on environment and development