The Coming Arctic Boom: As the Ice Melts, the Region Heats Up
Climate change is transforming the Arctic from a geopolitical afterthought into an epic bounty ripe for this century’s entrepreneurs. Countries should continue their commitment to the peaceful course they have charted there so far. But policymakers need to get serious about establishing a shared vision of how to harness the Arctic’s resources. Economic development need not mean environmental disaster. Indeed, the opening up of the Arctic offers a once-in-a-lifetime opportunity to develop a frontier economy sustainably. For such an approach to catch on, countries must strike the right balance between environmentalism and exploitation. As presented in this chapter, the Arctic presents an extraordinary opportunity to rewrite the rules of the game for developing a frontier economy.