What should a political theorist say about the justice of the global distribution of natural resources? One issue is whether principles of distributive justice should be applied globally, and this has been debated between nationalists and cosmopolitans. A second, though, is how the category of ‘natural resources’ should be conceived in relation to other distributable goods. This has not adequately been addressed even by theorists of global justice who expressly focus on natural resources. In particular, neither Charles Beitz’s argument for a natural resources redistribution principle nor David Miller’s argument against works with a satisfactory account of how the physical distribution of resources relates to the distribution of their economic value. A more satisfactory account can be developed from the perspective of ecological economics as inspired by Nicholas Georgescu-Roegen. From this perspective, global inequalities in the command of natural resources can be viewed with the clarity that a normative theory of their justice requires. If natural resources are re-conceptualised in terms of ‘ecological space’, Beitz’s argument can be recast and vindicated. The re-conceptualisation is necessary to overcome the problems with the original version, as is shown by reference to the existing alternative formulations of Hillel Steiner and Thomas Pogge.