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Friday, 27 November 2020 00:00

Youth Section of VIII annual meeting of the international expert Council for Arctic cooperation (IECCA)

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As part of the work of the expert council, a plenary meeting of the Youth Section of the VIII annual meeting of the International Expert Council for Cooperation in the Arctic (IECCA) was held in English. The plenary session was moderated by Dmitry Medvedev, Secretary of the International Expert Council on Arctic Cooperation, Candidate of Political Sciences and Hunter Tina Soliman, Professor at Macquarie Law School (Australia).

Within the framework of this plenary session, reports were made on the topics: prospects and problems of international energy cooperation in the Arctic, energy law in the Arctic, problems of the Arctic region in the context of hybrid threats, Canada's Arctic policy in the early 2030s, economic justification for liberalizing access to the Russian Arctic shelf, and also Russian Arctic Zone development as a stimulus to regional energy security reinforcement.

At the end of the plenary session of the Youth Section, the participants made the following conclusions:

  • Over the past two decades, the Arctic region has evolved from an icy desert into a zone of enormous economic opportunity.
  • At present, despite the presence of high risks, attracting foreign investors to the development of deposits on the Arctic shelf is an economically feasible measure.
  • To improve the efficiency of the development of fields on the Russian Arctic shelf, it is necessary not only to introduce intelligent concepts for the development of the Arctic, but also to attract financial flows to this sector for the successful implementation of national plans.
  • The current legal regime in the Arctic is no longer able to solve the problems of the globalized Arctic, a more comprehensive approach to managing the Arctic is needed, but any changes in international institutions should take into account, first of all, the interests of the Arctic countries.
  • In the field of international energy interaction in the Arctic, a contradictory situation has developed: on the one hand, there is growing competition between the main players seeking to strengthen their positions in the region, on the other hand, not a single large project can be implemented by either side independently.
  • Despite the growth in the number and potential of promising areas of cooperation, there are many unresolved challenges and “eternal” issues, however, they should be used as factors opening up new opportunities and horizons.
  • The decisive factors for ensuring energy security in remote areas of the Arctic regions of Russia are the modernization of existing energy infrastructure facilities and the creation of new ones to meet the growing demand for energy carriers.
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