The Precautionary Principle is a key principle of environmental management that advocates for taking preventive action when there is a risk of serious or irreversible damage to the environment, even if there is scientific uncertainty about the issues. This principle urges governments to act in the face of such uncertainty to prevent harm to the environment, particularly when the consequences could be significant.
The Polluters Pay Principle (option A) holds polluters accountable for the costs of pollution, but it is not specifically about taking preventive action in uncertain circumstances.
The Extended Producer Responsibility (option C) is a principle focusing on producers' responsibility for the entire lifecycle of their products, including disposal.
Common but differentiated responsibilities (option D) addresses the idea that all countries have a common responsibility to address environmental issues, but developed countries should take the lead, considering their historical contributions to environmental problems.
Therefore, the correct answer is (B), the Precautionary Principle.
Final Answer:
\[
\boxed{(B) \, \text{Precautionary principle.}}
\]