Arctic development frozen despite Trump's interest

Published On Jan 5, 2025, 7:06 PM

Donald Trump's renewed interest in purchasing Greenland for economic and security reasons highlights the ongoing struggle over Arctic investments. Despite significant potential in terms of mineral wealth and shipping routes due to climate change, development in the Arctic has stalled, largely due to geopolitical tensions post-Russia's invasion of Ukraine. Norway, for instance, has halted oil and gas exploration amidst concerns over environmental impacts and safety in harsh Arctic conditions. Overall, the prospects for economic activity in the Arctic are dimmer than previously anticipated, although some projects, like Canada's development of a deep-water port, continue.