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Due to unprecedented fires and rise in temperature climate change is occurring rapidly, melting the Arctic ice and uncovering new areas for expropriation of natural resources. Such expropriation needs to occur in a sustainable way, respecting the environment and the indigenous people. To achieve this, all inherent risks arising from any environmental threat (oil spill/any type of environmental accident, cyber risks of any nature) to oil and gas installations need be identified and environmental liability and cyber-risks insurance coverage need be in place. This article discusses the way for such insurance coverage to be placed and worded. It argues that the traditional (marine and other) property insurance policies coverage and wording is inefficient, as it ends up being fragmented due to the numerous policy exclusions and limitations; it also puts forward an argument for the need to have specific wording and cover for specialized risks, in relation to the operation of oil and gas installations in the Arctic and cyber-risk threats, taking into account potential environmental impacts and hazards. This article also argues that for the time being, as businesses and governments including those of the EU and the Member States become increasingly reliant on technology, it is imperative that additional cyber-related risks are identified and minimized or transferred externally. Finally, it offers some suggestions about cybersecurity policies covering specialized risks. [ABSTRACT FROM AUTHOR]

Given the high pace of acceleration with which climate change is occurring, the unprecedented amount of floods and fires and the extremely high temperatures of the last years, new habitable and exploitable areas are bound to increase as a result of the extremely rapid ice melting in the Arctic. These areas will allow the exploration of natural resources and the use of new navigation routes in shipping. The Arctic region is rich in natural resources, but, at the same time, faces challenges due to its sparse population, limited logistical networks, and fragile environmental conditions; hence, any future sustainable growth and development in it should address the need to build sustainable infrastructure and explore and expropriate the natural resources sustainably, in an effort to achieve transformation towards an inclusive green economy that respects the indigenous peoples and their communities and lifestyle. This article not only synthesizes the existing literature on the topic of the impact of climate change on the Arctic, but also discusses and analyses the ways in which any exploration and exploitation of natural resources and any increased shipping activity in the Arctic should take place, in the light of the impact of climate change. By bringing together different literatures - on the Arctic exploration, legal regulation and Arctic shipping - not usually considered together, it analyses and discusses the multiple social and environmental effects of climate change in the region and its indigenous populations, and, finally, proposes policy options and legislative and other measures so as to best meet the various challenges imposed. [ABSTRACT FROM AUTHOR]