Today’s declaration said that all five nations would abide by the 1982
Law of the Sea, which determines territorial claims according to
coastlines and undersea continental shelves.
Here is the full story. The good news is that unclaimed territories, historically, have led to violent clashes. Settling the property rights in advance minimizes the chances of global instability. The bad news — if you think the cost of fossil fuels is too low — is that supply restrictions are far more effective than a Pigouvian tax on carbon.