Oil versus climate change: The economics of drilling in the Arctic

The Arctic isn’t a barren, frozen wasteland. It’s dwelling to some of the most unusual ecosystems in the world. More than this: it is dwelling to individuals.

Those individuals are at the middle of the controversy over drilling for oil in the Arctic.

The Trump administration is now beginning the formal course of of promoting leases in the Arctic National Wildlife Refuge to grease corporations, in keeping with the New York Times. The transfer comes after the Trump administration opened the refuge for oil drilling in August 2020.

There are probably billions of {dollars} in untapped oil and fuel reserves in the Arctic. But, there’s worth in preserving the area untouched, too. The Arctic gives greater than $281 billion per yr in fishing, oil, mineral extraction, tourism and climate stabilization providers, in keeping with a preliminary evaluation accomplished in 2016 by environmental economist Tanya O’Garra, who labored at the Center for Research on Environmental Decisions at Columbia University at the time the analysis was performed.

“The Arctic provides the entire world with climate stabilization, and in the absence of that, we may well see changing growing seasons, more hurricanes, more droughts and more unstable climate,” O’Garra informed CNBC.

Watch the video above to find out about how the Arctic is valued, and the way the potential for extra oil drilling could impression the area.

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Written by Business Boy


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