Arctic resources race The Arctic consists of multiple sub-regions: Russian Arctic, Canadian Arctic, Greenland (Kalaallit Nunaat), Northern Alaska (USA), Svalbard(Norway), Iceland, Fennoscandia. In addition to these sub-regions, the Arctic Ocean and its multiple seas—Greenland Sea, Barents Sea, Kara Sea, Laptev Sea, East Siberian Sea, Chuckchi Sea, Beaufort Sea,etc.-- make the arctic a vast region with a variety of natural resources. The U.S. Geological Survey estimates that undiscovered oil and gas reserves in the Arctic amount to 22% of the world's total, about 412 billion barrels of oil. A Brookings Institution summary reported: The first offshore oil platform in the Arctic was Prirazlomnaya in
Global Ocean Commission the co-Chairs stated that the Commission is "inspired by the opportunity that exists for the high seas to play a regenerative role in restoring whole ocean health, and by the potential of a small number of bold proposals to stimulate a cycle of recovery." The high seas constitute 45% of the Earth’s surface and are essential to the health of the planet. Five key "drivers of ocean decline" were identified by the Commission: rising demand for resources; technological advances; decline of fish stocks; climate change (including ocean acidification), biodiversity and habitat loss; weak high seas governance. The mandate of the