Daily Management Review

Ocean Worth $1 Trillion or How to Use the Arctic


Guggenheim Partners estimated total global investments in the Arctic. They totaled $ 432.4 billion. According to the company’s experts, sustainable development of the region will require $ 1 trillion, that is, other $ 567.6 billion are currently lacking.

For new investments in the North Pole not to become destructive "gold rush", the initiative group of economists has developed a set of rules - the "Principles for Responsible Investment in the Arctic." Just like the Paris climate protocol, their use is not required but is highly desirable.

According the US Geological Survey, the Arctic concentrates 30% of the world's undiscovered gas and 13% oil. So that as the more ice melts, the more new investors come there. This is clearly seen on the current structure of the investments. The polar hydrocarbons has attracted $ 192.7 billion, and are on the first line of the rating. In second place with a lag of two and a half are other useful resources: $ 79.5 billion. Renewable energy sources close the top-three $ 60.6 billion.

North Pole is not just oil and gas. Melting ice means that the Arctic navigation period increases. In these few months, containership from South Korea to New York can cover only 5 th. km. instead of 12, if you sail through the Panama Canal. In addition, a new relatively mild climate of the Arctic makes its huge fish resources more accessible.

Do not forget about tourism. 32 project has already invested $ 5.3 billion. There are tens of thousands of adventurers who prefer to go to the conquest of the North Pole on an ice-breaker rather than lying on the Maldives sand near a five-star hotel by the sea. Cost of travel to the Arctic range from $ 27 th. up to $ 40 th. or more per person, which is more expensive than almost any beach holiday.

Returning to the "Principles for Responsible Investment in the Arctic", their main points are interaction with the local people, protection of ecosystems, prevention of corruption and promotion of cooperation of the Arctic countries. Given that the list includes Canada, Denmark, Finland, Iceland, Sweden, Norway, Russia and the United States, it is necessary to work on the cooperation.