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Arctic Resources of Global Significance

Arctic (41)

Arctic resources, with a reference to ACIA (Arctic Climate Impact Assessment), are of global significance. Although covering only about 2,5 % (per cent) of the world´s total surface, the Arctic region as one of the most scarcely populated areas on Earth is yet one of the most unexploited and has many resources of economic interest. These resources include: petroleum (oil and gas), and many minerals such as diamonds, tungsten, uranium, gold, coal, copper, and nickel. (The Arctic – With The Support of The Russian Geographical Society).

The Arctic Russia holds most (80 %) of the oil resources and is also home to all of the gas resources found in the Arctic region. What is the connecting link between the gas reserves in the Arctic Russia and the European energy market? According to Reuters, Kremlin is currently dependent upon oil and gas revenues and aims at increasing its market share in Europe by building Nord Stream 2, a project of Gazprom to build another gas pipeline connecting the Russian gas market directly with Germany, perhaps the most important of all EU member states which is yet depending much upon oil despite of its many developments in the renewable energy sector.

According to the European Commission, the EU has set a goal of reducing its greenhouse gas emissions by a minimum of 20 % (per cent) by 2020, and by a reduction of greenhouse gas emissions in the European Union by 80-95% (per cent) by 2050 in comparison to the situation in 1990. What gas and gas pipelines from Russia to Germany have to do with these goals remains an open question, with a Europe determined to strive for and invest in renewable energy sources and minimize the usage of fossil fuels such as coal, gas and oil.

Learn more about natural resources in the Arctic region by watching Al Jazeera English´s video “Counting the Cost – The new cold war: The Race for Arctic oil and gas”:

 

Connect with me on Twitter @annemariayritys – for climate-related posts only @GCCThinkActTank & to receive my newsletter delivered personally to you, subscribe to Leading With Passion

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