The polar ice caps, as they retreated this year into the smallest size ever recorded, are presenting new opportunities for investment and profit. Entrepreneurs are eager to explore the region for potentially vast amounts of natural resources (including oil), that are projected to be worth billions of dollars. The ice caps could retreat for summers at a time, leaving room for the territory to be explored and mined. According to the U.S. Geological survey, the Arctic contains one quarter of the world’s undiscovered oil and gas resources. Already countries have been negotiating over the titles of the land. A Denver investor bought Churchill, Manitoba, a Hudson Bay Port, from the Canadian government in 1997 for a mere $7 and is now seriously considering re-opening it to Arctic traffic. With the receeding ice caps, industry will greatly expand in the region, bringing him revenue in excess of $100 million per year. The government of Manitoba is investing millions into developing the area. A Swedish shipbuilder has recently designed a ship that is capable of navigating through icebergs, and after selling two of them for $90 million, the Russian government liscenced the design and is building two of its own. Does it strike anybody as odd that our overconsumption of fossil fuels is causing noticeable and alarming (albeit only to some) changes to our planet, and instead of reflecting on the potential consequences of our behaviour, our fellow countrymen look to further the process??? How deep can we dig ourselves into this mess in the hope of recovering more oil???
Reflection on the consequences of our actions, beyond the immediate economic benefits does not seem to be highly valued in the world right now. I’m guessing we can and will dig ourselves considerably further into the mess before it becomes apparent to a majority of people that they might not like the mud they’re making.
I’m assuming this is referring to the nyt article here, it’s quite an interesting article. Should note that it’s a Finnish shipbuilder building the double ended semi-ice-breaking tanker ships.