ABSTRACT

In recent years, there has been much focus on the Arctic. Thus, as the climate in the Arctic gets milder, new business opportunities arise. This is true both with regard to onshore and offshore activities. To oil companies, the prospect of being able to exploit the presumed large reserves of oil in the Arctic Ocean gives rise to consideration. Also, onshore mining has attracted interest. In Greenland, this includes mining of rare earth minerals, some of which can only be extracted by producing uranium as a by-product. Both offshore and onshore business activities will generate a number of related activities in support of the main activities. So will the general interest of the maritime transport sector in taking advantage of the shorter, arctic routes from Europe to Asia. Also tourism has the potential of becoming a prospering industry in the Arctic. Accordingly, also at a more general level, demands for goods, services and labour in the region must be expected to rise. Overall, climate change has given rise to an expectation of an increasing level of activity by private enterprises in the Arctic. However, with an increased level of activity also comes an increased level of risk that something will go wrong.