The World Needs an "Arctic Authority"

Jeffrey Garten, Yale School of Management | August 15, 2008

The Arctic Circle contains 13 percent of the world's untapped oil supplies. ++ But a clash of interests between businesses, NGOs, and the five different governments who claim rights to the region's energy resources is likely to cause a delay in drilling. ++ Existing international institutions cannot deal with the impending disputes. ++ Therefore, an "Arctic Authority" is required to make executive decisions on rules relating to the exploration and distribution of the energy sources. ++ Once again, global cooperation is crucial.