[…] Russia dominates the Arctic due to geography and infrastructure. Roughly 80% of Arctic oil and gas production comes from Russian territory, with Arctic fields accounting for about one-fifth of Russia’s oil output and a far larger share of its export growth potential, according to the Arctic Institute, opens new tab.
What sets Russia apart is not just scale but concentration. Russia’s Arctic region holds an estimated 35.7 trillion cubic metres (tcm) of natural gas resources, nearly 75% of Russia’s total proven reserves and more than the rest of the Arctic combined. […]
Around 95% of Russia’s platinum-group metals and roughly two-thirds of its rare earth reserves sit in its Arctic territories. Russia already produces 100% of its nickel and 92% of its cobalt in this area, according to data from producer Nornickel and government statistics.
By contrast, the West’s Arctic assets are significant but fragmented. Alaska holds the largest oil reserves in the region, accounting for about 3.5% of U.S. total crude output, according to the U.S. Energy Information Administration, opens new tab. The city of Kiruna in Sweden contains the European Union’s largest rare earth deposit, which if developed, could supply 18% of the bloc’s needs, says the country’s state-owned LKAB.
Finland is set to become the EU’s first integrated lithium producer this year. And then, of course, there’s Greenland, an autonomous territory of Denmark. It has vast critical mineral potential, but the logistical challenges involved in tapping these resources make major investments unlikely in the near term. Läs artikel