Being concerned about the space debris problem which poses a threat to the future of spaceflight, the International Academy of Astronautics has issued in 1993 the Position Paper on Orbital Debris. The objectives were to evaluate the need and urgency for action and to indicate ways to reduce the hazard. Since then the space debris problem has gained more attention. Also, several debris preventative measures have been introduced on a voluntary basis by designers and operators of space systems. The updated IAA Position Paper on Orbital Debris takes into account the evolving space debris environment, new results of space debris research and international policy developments. It has been approved by the Board of Trustees of the IAA at its session on October 3, 2000, in Rio de Janeiro, Brazil. This paper is an abbreviated version of the updated IAA Position Paper.