Global Energy Standoff: The Arctic Dimension

Abstract

This chapter is devoted to a comprehensive Arctic development agenda on a global scale. Undiscovered Arctic oil and gas resources, as well as prospects of new transportation routes, pose both a challenge and an opportunity not only for the Arctic states but also for all economic actors worldwide. Globalization has caused a tight interdependence among countries, industries, and businesses. Any new event may cause a landslide effect. The Arctic is becoming a factor of increasing uncertainty (i.e., a black swan) for all players involved. First, the Arctic may be a game-changing factor in terms of the upcoming energy transition. Second, the region is probably to become a rising (potentially leading) logistic hub, connecting Eurasia and America. Third, the outcome of disputes on seabed allotment may drastically influence international relations paradigm of the twenty-first century. And fourth, new Arctic rules may become a solid basis for sustainable development of global economy generations in the future. The author has endeavored to provide a fair insight into Arctic issues based on data provided by multiple sources. Nevertheless, the reader can reconsider some qualitative evaluations themself based on the objective data provided and their own expertise. The author welcomes a productive discussion on the issues tackled by the chapter.