As climate change melts the Arctic, riches of the region are in reach
There are an estimated $35 trillion worth of natural gas and oil reserves in the Arctic
That’s about the same as 2000 of the world’s largest public companies in 58 countries earn in one year
The region also has potential gold, silver and diamond mines
And once the ice is thin enough, it will also be a practical trade route
Arctic routes could shave off 30 to 40% of trade route distances
Scientists say these activities could make climate change worse
Here’s how countries are eyeing the Arctic region...
Obama banned oil and gas leasing in the Arctic, but Trump repealed this move
Russia has the largest military presence in the Arctic and has already found its first oil field
Despite divesting from fossil fuels and investing in projects to deal with climate change, Norway is exploring oil and gas development in the region
Even Sweden is not against development in the region, but want it to be environmentally friendly
China is not an Arctic nation, but is investing in the region
Everyone wants a piece of the pie, so how will they split it?