Final answer:
UNCLOS establishes the legal framework governing the rights and responsibilities of nations concerning the use and protection of ocean resources, including regulations for sustainable resource extraction and environmental conservation.
Step-by-step explanation:
The United Nations Convention on the Law of the Sea (UNCLOS) serves as a comprehensive framework governing the rights and responsibilities of nations in their use of the world's oceans. Established to promote international communication and create clear guidelines for businesses and governments regarding the use and protection of ocean resources, UNCLOS plays a crucial role in addressing marine environmental issues and resource extraction.
Under UNCLOS, nations enjoy sovereign rights for exploring, exploiting, conserving, and managing natural resources in their exclusive economic zones (EEZs), which extend up to 200 nautical miles from their coastlines. This convention also establishes guidelines for activities concerning the deep seabed—areas beyond national jurisdictions—such as mining. There are rules concerning the conservation and management of marine living resources, particularly concerning preventing overfishing and ensuring the protection of the marine environment.
The problem of overharvesting termed the 'Tragedy of the Commons' by ecologist Garret Hardin, highlights the consequences of a lack of ownership or control over shared natural resources, leading to their depletion. Economists advocate for measures like fishing licenses, harvest limits, shorter fishing seasons, and, more recently, catch shares to combat the issue. As an example, since 1986, the harvesting of conch has been banned in the United States when populations reached critically low numbers.
UNCLOS aims to handle these types of issues on a global scale, promoting sustainable use and conservation of ocean resources. It combines the challenges of environmental protection and the sustainable use of marine resources within a legal framework that countries around the world can follow.