Will Global Warming Cause Economic Growth?

Bobby Gregory

Possible Economic Benefits (Arctic)• Shipping (Northwest/Northeast Passage)• Agriculture (Barley germinates @ 32 degrees)• Access to Petroleum and Natural Gas Reserves• Fishing (Cod @ -2 degrees)• Lower heating costs in cold regions• Arctic Tourism• Coal (Svalbard)• Diamonds (De Beers)• “Green” Energy Technology Investment

Arctic Nations

• Norway• Sweden• Finland• Denmark• Iceland• Canada• Russia• United States

Disputes over Arctic Territory• No Agreement Similar to Antarctic Treaty• Sector Line Principle (US, Norway, Russia?)• Median Line Principle (Denmark, Canada) • Exclusive Economic Zones (200 Nautical Miles)• Continental Shelf Mapping (Cryosat, Subs, UN)• Bering Sea (Russia/US)• Beaufort Sea and NW Passage (US/Canada)• Hans Island (Denmark/Canada)• Fishing Case, Svalbard Islands (Spain/Norway)

Exclusive Economic Zone (Current)

Median Line Principle

Sector Line Principle

Oil and Natural Gas

• 25% of untapped resources are in the Arctic.• With a population of 4 million, Arctic Region is

more stable than Middle East.• Shtokman Oil Field (1,400 square miles)• Hammerfest (Liquefied Natural Gas)

Shipping

• Churchill, Manitoba, Canada• Murmansk, Russia• 40% reduction in costs and time to transport

raw goods (Northeast Asia, Europe, Canada)• Aker Finnyards (shipbuilding company in

Helsinki) is producing ice-hardened transport ships @ $90 million each.

Churchill, Manitoba (Canada)

• Purchased for $7 in 1997; $50 million invested by Omnitrax (US Railroad company).

Murmansk, Russia

Barley in Greenland

Hammerfest, NorwayCod Fishing and Natural Gas

Questions?