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The Arctic resources race is the competition between global entities for newly available natural resources of the Arctic.Under the United Nations Convention of the Law of the Sea, five nations have the legal right to exploit the Arctic's natural resources within their exclusive economic zones: Canada, Russia, Denmark, Norway, and the United States (though the U.S. has yet to ratify the treaty ...
3. Exclusive Economic Zone (EEZ): This zone extends up to 200 nautical miles (370 km; 230 mi) from the baseline. In the EEZ, the coastal state has the exclusive rights to explore and exploit natural resources found in the water column and on or under the seabed. Moreover, UNCLOS provides Arctic countries with special prerogatives.
The Arctic has been a known source of natural resources since the first explorers discovered whales, seals and fish. The three most important resources in the Arctic are minerals, fish stocks and huge oil and gas reserves, most of which are located in Russian territories. [27] "Long-term interstate conflict potential" in the Arctic lies in ...
As stated in the Ilulissat Declaration, "The Arctic Ocean stands at the threshold of significant changes. Climate change and the melting of ice have a potential impact on vulnerable ecosystems, the livelihoods of local inhabitants and indigenous communities, and the potential exploitation of natural resources."
Experts have predicted that the Arctic could be a source of power conflicts as countries close in on the hard-to-access region that offers untapped commercial opportunities and access to natural ...
Greenland is important because of its untapped natural resources, and because its location commands the Arctic. As the ice melts, North America is gaining a new frontier with Russia, prompting a ...
The United Nations Convention on the Law of the Sea allows states to extend their exclusive right to exploit resources on and in the continental shelf if they can prove that seabed more than 200 nautical miles (370 km; 230 mi) from baselines is a natural prolongation of the land. Canada, Russia, and Denmark (via Greenland) have all submitted ...
Oct. 11—Barrow Moon Arctic Ocean sea ice utqiagvik WASHINGTON —The Biden administration has released its vision for U.S. strategy in the Arctic in a new document that underscores competition ...