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It is safe to say that the Arctic is one of the most fossil fuel laden areas in the world, even though massive exploitation has still not begun. In addition, other non-renewable resources are also immense; e.g. nickel, diamonds and gold.
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The Arctic has in recent years, been subject to a manifold growth in its geo-strategic importance due to its rich natural resources of fossil fuel and military-political reasons. In addition to that, the Arctic faces tough challenges concerning global security and environmental issues.
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Although most scientists agree on that the globe is becoming warmer, predictions on how rapidly Arctic ice will retreat often varies greatly amongst them.
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Iceland will seek cooperation with Russia to develop its geothermal energy projects. Vastly resources of geothermal resources in Iceland are being utilized but the next steps are somewhat unclear.
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Signatories to the Kyoto protocol should continue greenhouse gas emission cuts after its first period expires in 2012, Prince Albert II of Monaco said in Arkhangelsk yesterday at the second international forum The Arctic: Territory of Dialogue.
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Russia's Natural Resources Minister Yury Trutnev confirmed this morning in Arkhangelsk at the second international forum The Arctic: Territory of Dialogue that Russia will begin geological exploration of the promising Barents Sea shelf located on the border with Norway in 2012.
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Reports have been coming in during the summer of 2011 that the summer melt-down has reached a new record low since the beginning of satellite data record ranging back to 1979 as well as other recorded data ranging back to the 50's.
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Archangelsk in Russia is the place to be this week. Hosting the Arctic Forum, the city also sports the biggest fair of the year this week, the famous Margaritinskaya fair.
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A final investment decision for the megaproject in the Shtokman gas field is expected in December. The Shtokman field is located 550km offshore Russia in the Barents Sea.
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The Northern Research forum hosted the 6th NRF Open Assembly in Hveragerði, Iceland, in September. Arctic Portal broadcasted live from the event.
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Al Gore, Nobel Laureate and former Vice President of the United States, has a new climate project which set sail this week.
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Russia’s infrastructure has been criticized when comes to oil issues in the Arctic. Now the Emergency minister Sergei Shoigu says that the country will respond to this and develop environmental protection infrastructure as soon as possible.
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The NSIDC (the National Snow and Ice Data Center) has declined research from the University of Bremen, Germany, who declared earlier this summer that Arctic Sea Ice Level was at an all time low.
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The North Stream Pipeline was officially opened by Russian Prime Minister Vladimir Putin this week. It will carry natural gas from Russia to Germany, via the Baltic Sea.
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