The Arctic has long been neglected in terms of international governance and management but that's likely to change for two reasons. First, there is the prospect of rising tensions with yet to be asserted maritime claims over the vast Arctic Ocean and secondly, there is the impact of climate change. Over the last 150 years the average global temperature has risen by 0.76 degrees Celsius (1.4 degrees Fahrenheit) but it's been more than twice that in the Arctic. That erodes edges of the polar cap.

A report issued last month warns that the melting ice caps could have a disastrous impact on the planet beyond what's previously been foreshadowed. It would result in rising sea levels and massive releases of methane into the system. Methane is more potent greenhouse gas than carbon dioxide.

Donald Rothwell, a legal professor from the Australian National University in Canberra argues in his paper The Arctic in International Law: Time for a New Regime? that's it's time countries around the world formulated a treaty for the Arctic which would set out sovereign rights, and put in place a dispute resolution procedure. There would also have to be "a set of fundamental guiding principles could be included dealing with matters such as respect for the environment, conservation and sustainable management of natural resources, freedom of scientific research, and respect for the rights of indigenous peoples. Fourth, in terms of its geographic reach the Treaty would need to extend to all of the Arctic Ocean and seek to establish a comprehensive environmental management regime for the whole region, including the high seas." There would also have to be protocols around issues like navigation and shipping, seabed resource management, marine environmental protection, and the rights and interests of indigenous peoples.

According to Rothwell, the time is right. And with tensions between the US and Russia now being stoked, the time might never be better.