A parliamentary resolution on Iceland's Arctic Policy was approved by Althingi on March 28 2011. It aims at securing Icelandic interests with regard to the effects of climate change, environmental issues, natural resources, navigation and social development as well as strengthening relations and cooperation with other States and stakeholders on the issues facing the region.
The Arctic policy is to encompass the following twelve principles:
1. Promoting and strengthening the Arctic Council as the most important consultative forum on Arctic issues.
2. Securing Iceland's position as a coastal State within the Arctic region.
3. Promoting understanding of the fact that the Arctic region extends both to the North Pole area proper and the part of the North Atlantic Ocean which is closely connected to it..
4. Resolving differences that relate to the Arctic on the basis of the United Nations Convention on the Law of the Sea.
5. Strengthening and increasing cooperation with the Faroe Islands and Greenland with the aim of promoting the interests and political position of the three countries.
6. Supporting the rights of indigenous peoples in the Arctic.
7. Building on agreements and promoting cooperation with other States and stakeholders on issues relating to Icelandic interests in the Arctic region.
8. To use all available means to prevent human-induced climate change and its effects in order to improve the wellbeing of Arctic residents and their communities.
9. Safeguarding broadly defined security interests in the Arctic region through civilian means and working against any kind of militarisation of the Arctic.
10. Developing further trade relations between States in the Arctic.
11. Advancing Icelanders' knowledge of Arctic issues and promoting Iceland abroad as a venue for meetings, conferences and discussions on the Arctic region.
12. Increasing consultations and cooperation at the domestic level on Arctic issues.