Climate Change Boosts Some Arctic Industries

by | Aug 29, 2014

ArcticShipping, fishing and tourism in the Arctic are getting a boost from climate change — but at a price, says Reuters, adding the economic benefits aren’t a “cold rush.”

Temperatures in the Arctic are rising twice as fast at the world average. This thaw has brought new industries to the icy region: a first cruise ship will tour the Northwest Passage north of Canada in 2016, Iceland is experiencing a booming mackerel fishery as the stocks shift north and Greenland is growing tomatoes.

But, according to the news agency, businesses including oil and gas companies, or mining operations face risks from the warming temperatures such as ruined ice roads, buildings and pipelines.

Additionally, a 2013 study in the journal Nature warns a major release of methane trapped in ice off Russia could accelerate global warming and cause $60 trillion in damage — almost the size of the world GDP — in the form of heatwaves, floods, droughts and rising sea levels.

Climate-related weather disasters offer significant opportunities for companies positioned to help clients prepare for the consequences of climate change, according to a report by Environmental Business International, published earlier this month.

Photo Credit: Antarctic Peninsula via Shutterstock


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