How a market-based fund could help prevent the tragedy of the commons in the Arctic’s international waters
An international investment fund could unite nations to protect shared natural resources in the Arctic Ocean.
According to the United Nations’ Convention on the Law of the Sea, the natural resources in the high seas are free for any nation’s exploitation. While UNCLOS includes provisions for cooperation, conservation, and management, these shared natural resources in the Arctic Ocean are still at risk of becoming a victim of the tragedy of the commons.
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