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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 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 ...
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 ...
The United States Geological Survey estimates that 22 percent of the world's oil and natural gas could be located beneath the Arctic. [1]Russia's undiscovered petroleum is estimated between 67 billion tons of oil equivalent (BTOE) according to the United States Geological Survey and 142 BTOE according to the Russian Academy of Sciences (in 2011, the world consumed 13 BTOE of energy, 31% from ...
The increasingly concerning consequences of climate change in the Arctic, resulting in melting Arctic sea ice, have become ground for enhanced attention and cooperation in the region. Fear of economic exploitation and pollution in the Arctic Ocean was a key source of momentum in drafting and implementing the Ilulissat Declaration. [3]
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The most possible explanation for this is, according to scholar Olav Schram Stokke, that the Arctic nations gained the most from the settlement of UNCLOS, as it legitimized the A5 members interests in the region and provided sovereignty to a highly disputed area rich in natural resources such as minerals, oil and fish. [26]