The New Arctic: Resource extraction

Allan Little looks at some of the opportunities for resource extraction due to climate change. US Geological Survey estimated the Arctic may be home to 30% of the planet's undiscovered natural gas reserves and 13% of its undiscovered oil. Russia for example, views its vast Arctic resources as a key driver of its future economy. On the other hand, the melting ice will cause trillions of dollars worth of climate change-related damage, globally, over the coming decades. But for the communities who live above the Arctic Circle, it’s not a simple debate over preservation versus production - there is a need for jobs and sustainable local economic growth. Meanwhile our increasing demand for cleaner, zero emission energy further south, is impacting indigenous livelihoods in the European Arctic, creating a new kind of green colonialism.