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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 ...
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 exploitation of natural resources describes using natural resources, often non-renewable or limited, for economic growth [1] or development. [2] Environmental degradation , human insecurity, and social conflict frequently accompany natural resource exploitation.
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 ...
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 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]
"The opening of ANWR is projected to have its largest oil price reduction impacts as follows: a reduction in low-sulfur, light crude oil prices of $0.41 per barrel (2006 dollars) in 2026 for the low oil resource case, $0.75 per barrel in 2025 for the mean oil resource case, and $1.44 per barrel in 2027 for the high oil resource case, relative ...
Extractivism is the removal of natural resources particularly for export with minimal processing. [1] [2] [3] This economic model is common throughout the Global South and the Arctic region, but also happens in some sacrifice zones in the Global North in European extractivism.