Released through three reports, the WWF is stating there are large gaps and loopholes in current regulations that apply to activity in the Arctic Ocean. In reviewing those regulations, the reports state the current rules were established when year-round Arctic sea ice closed off access to the natural riches beneath the ocean.

But as the sea ice melts, there will be more shipping, fishing and oil and gas exploration – and a rising risk of more environmental accidents such as oil slicks.

"The melting of the Arctic ice is opening a new ocean, and this of course brings new opportunities for commercial activities in a part of the world that has previously been totally or almost totally inaccessible," Lasse Gustavsson, CEO of WWF Sweden. "We might face pollution, oil spills, overfishing and maybe even illegal fishing."

The reports call for the Arctic Council, a high-level political forum of eight countries – including Canada and the U.S. – to lead efforts to regulate shipping, fishing and environmental protection in the North.