A study on the impacts caused by developments in the arctic region

• Main Author: Yeo, Melisa Hui Mei
• Other Authors: Lum Kit Meng
• Format: Final Year Project
• Language: English
• Published: 2016
• Subjects: DRNTU::Engineering::Maritime studies
• Online Access: http://hdl.handle.net/10356/67528
• Institution: Nanyang Technological University

Developments in the Arctic are triggered mainly by 2 factors – the vast amount of resources available over there and the alternative trading routes it offers. Arctic is looked upon as an area with huge potential, thus stakeholders have demonstrated their interest. Arctic stakeholders include the 8 Arctic nations, some other countries and non-state stakeholders such as indigenous peoples and environmentalists. With retreating Arctic sea ice extent and the longer ice-free periods, opportunities are created for the maritime industry. Over the years, there have been many changes in the Arctic and there are still plenty of on-going developments and potential ones on the way. Developments in the Arctic are affecting the environment, and potentially have a far-reaching economic and technological impact on the world. Findings from this study have shown that the positive economic impacts that have resulted outweigh the negative. This can be observed from the economic growth in the Arctic 8 countries and the economic potential from further developments in the Arctic. Up to date, the negative economic impacts are insignificant. The adverse impacts mentioned in journals and reports are mainly presumptions based on the impression that Arctic sea routes will be a substitute of conventional sea routes, thus affecting countries and businesses that are currently striving on them. Instead, we have deduced that Arctic sea routes are not substitutes for the current trading routes. Singapore, which is strategically located along the current routes, will not be directly affected from the Arctic developments. Even if so, she will stand to benefit economically more than experiencing a drawback. The focus of this report lies on the current, on-going and potential developments in the Arctic region. This study aims to assess the economic, environmental and technological impacts caused by the developments in Arctic. In order to achieve the research objectives, we will be consolidating information from existing reports, journals and industry professionals. Qualitative and quantitative methods like interviews and surveys will be utilised as well to substantiate key findings.