I agree in theory. In practice I would see this working like any other class action. Most of the money will go into the pockets of lawyers, with very little left to remedy the actual damages.

So the question becomes does it matter where the money goes as long as the corporation/individual doing harm is punished sufficiently to dissuade them from future abuse of natural resources?

It is a way at least if not the only way but I agree that it is a decent counterforce.