Why is establishing the Arctic as common heritage so important?

In this column, duly entitled, "The dogs, the poles, the thieves and their detractors: why is establishing the Arctic as common heritage so important?" Sarah Bracking delves into the dangers of market capitalism and the push for new oil frontiers in the Arctic. She points out that under the Third United Nations Conference on the Law of the Sea Treaty in force from 1994, all mineral and exploration rights extend 200 nautical miles off a coastline, or more if it is continental shelf, and if this were applied the status of ownership in the Arctic is in question.