Arctic Yearbook 2015 - Page 420

420 Arctic Yearbook 2015 that would highlight the need for the long-term decarbonisation of the global economy or the reduction to zero of emissions generated from the combustion of fossil fuels emissions. This provision would mainly have, at this stage, an aspirational nature. Even if countries in Paris were to endorse the need to phase-out fossil fuels emissions before the end of the century, the governments of the five Arctic coastal states are unlikely to shift their current position and to renounce to exploit the oil and gas reserves trapped under their Arctic continental shelves. But such a statement could further emphasize the financial risks related to stranded assets (resources which are no longer able to earn the economic return originally expected due to a change of the regulatory or economic landscape). In a region where the scale of investments required to produce fossil fuels leads to particularly slow return on investment, a strong commitment by all governments to phase out fossil fuels emissions could further undermine the economic rationale of new oil and gas extraction projects. Credit pictures (in order): Sébastien Duyck, UNEP/Grid-Arendal, Jay Preston, Krichevsky. References Boyd, R., F. Green, F. & N. Stern. (2015). The Road to Paris and Beyond. Policy Paper for the Grantham Research Institute on Climate Change and the Environment. Available from Crowley, P. (2011. Suppl. 1). Interpreting ‘Dangerous’ in the United Nations Framework Convention on Climate Change and the Human Rights of Inuit. Regional Environmental Change 11: S265-S274. Doelle, M. (2009). The Climate Change Regime and the Arctic Region. In T. Koivurova, E. C. H. Keskitalo, & N. Banks. (eds.). Climate Governance in the Arctic. Heidelberg: Springer. Downie, D.L. & T. Fenge. (2003), Northern Lights Against POPs. Combatting Toxic Threats in the Arctic. Montreal & Kingston: McGill‐Queen's University Press. Duyck, S. (2012). Which Canary in the Coalmine? The Arctic in the International Climate Change Regime. In G. Alfredsson & T. Koivurova (eds.). The Yearbook of Polar Law, 4. Duyck, S. (2015). The Arctic Voice at the UN Climate Negotiations: Interplay Between Arctic & Climate Governance. Available from: French, D. & K. Scott. (2009). International Legal Implications of Climate Change for the Polar Regions: Too Much, Too Little, Too Late? Melbourne Journal of International Law. 10(2): 631:654. Hjerpe, M. & B. Linnér. (2010). Functions of COP Side‐events in Climate Change Governance. Climate Policy. 10: 167‐180. Kankaanpää, P. (2012). Knowledge Structures of the Arctic Council: For sustainable Development. In T. S. Axworthy, T. Koivurova, & W. Hasanat (eds.). The Arctic Council: Its Place in the Future of Arctic Governance. Toronto: The Walter and Duncan Gordon Foundation. What Role for the Arctic in COP-21?