Signal A $666 billion circumpolar economy with 13% of undiscovered oil

Summary

The economy of the circumpolar region was worth 666 billion US dollars in 2022, even though only about 10 million people live there. EY highlights that the Arctic contains significant deposits of gold, nickel, cobalt and rare earth elements. It is also estimated to hold about 13% of the world's undiscovered conventional oil and 30% of its undiscovered natural gas. Beyond these tangible resources, retreating summer sea ice is opening a new intangible one in the form of shipping routes. These riches, combined with fraying cooperation, are what make the Arctic a focus of intensifying geopolitical competition.