Saturday, April 7, 2007

Race for riches in Arctic- global warming is good or bad?????

Associates Press writes

Barren an uninhabited Hans lands near Norway is very hard to find on a map.

Yet these days the Frisbee shaped rock in the arctic is much in demand-so much so that Canada and Denmark have both staked their claim to it with flags and warships.
The reason the international race for oil, fish, diamonds and shipping routes, accelerated by impact of global warming on earths frozen north.

The latest report by UNFCC on climate change says the ice caps is warming faster than the rest of the planet and ice is receding, partly due to the green house gases, it is catastrophic scenario for the Arctic ecosystem, for polar bears and other wildlife, and for inuit population whose ancient cultures depend on frozen waters.

But some see a lucrative silver lining of riches waiting to be snatched from the deep, and the prospect of timesaving sea lanes that could transform the shipping industry the way the Suez Canal did in the 19th century.

The US geological Survey estimates the arctic has as much as 25% of the world’s undiscovered oil and gas. Moscow reportedly sees the potential of minerals in its slice of the arctic sector approaching $ 2 trillion.

All this has pushed governments and businesses in to a scramble for sovereignty over these suddenly price less seas.

Link Associated Press

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