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My answer will argue that there are two critical issues that need to be taken care of peacefully at the moment. Both issues are directly correlated with the problem of climate change.
First, climate change leads to the melting of the icecaps, therefore to more transportation and resource extraction opportunities. There are 5 Arctic powers: Russia, the U.S., Denmark, Norway and Canada. Although they are all entitled to extract what is within 350 nautical miles in the Ocean, the resource issue might be just too important for these restrictions to be respected. Consequently, this might result into conflicting territorial disputes. In my opinion, the best method to avoid conflicts would be a deliberative approach. I would encourage representatives from each of the 5 countries to gather around a table and set up some norms and rules in order for conflict to be avoided.
Second, it should not be forgotten that there are currently people living in the Arctic region. While energy security issues need to be tackled with carefully, the lives of these people should not be disregarded. Again, I believe communication to be the answer.
In conclusion, my recommendation would be communication on two levels. On the one hand, the 5 Arctic powers should set up rules so that the situation would not degenerate. On the other hand, after a consensus would be reached, the Inuit need to be consulted, as their lives would be greatly affected.