Who owns the North Pole - Pt. 34 - Greenland?

As rising temperatures expose more land for exploration, prospectors are rushing to the far north in the hope of carving out a new mineral frontier. The Arctic was largely off-limits because much of the land was considered unworkable. Global warming has changed that. More and more is becoming ice-free. Increasing amount of seaborne traffic is beginning to move on the so-called Northern Sea Route which traverses the Siberian coast. There are also hopes of opening up more of the North West Passage above Canada. New mining applications are being submitted for extraction, all the way from Canada through Greenland to Finland. The South Pole is the subject of an Antarctic treaty but there is no similar arrangement for the far north. But most states around the Arctic are not keen to have their hands tied by an international agreement of this kind.

"An active growth of oil and gas exploration in the [arctic] region may become a death sentence for its environment. The natural world of these northern seas is so sensitive and so vulnerable that even a slightest breach in its structure can lead to consequences no one will be able to reverse," a 2007 report concluded.

Greenland's government pressed ahead with new offshore licence awards to major companies including Shell, ConocoPhilips and Norway's Statoil. Ove Karl Berthelsen, Greenland's minister for industry and mineral resources, makes clear his country's motivation at a time when it is trying to break away from overall political control by Denmark: "The result of the licensing round is an important step towards achieving a sustainable economy for Greenland." Greenland, whose population is 80% Inuit, has recently won a measure of self-rule from its traditional colonial masters, Denmark. The new government in Nuuk is desperately keen to win complete independence and understands this is impossible while the country is dependent on financial handouts from Copenhagen. The Greenland government in Nuuk has just underlined its commitment to new ventures by repealing a law that prevented any kind of uranium mining. The law have been amended to grant exploration licences for radioactive elements such as uranium and thorium. Henrik Stendal, head of the geology department at the Bureau of Minerals and Petroleum in Nuuk says "global warming is good for Greenland."

Promises to give lots of work or money to local communities: people tend to say 'yes' to these things without necessarily thinking them through the consequences. Ove Gudmestad, a professor of marine and Arctic technology at the University of Stavanger in Norway said local people were rightly wary that they could get sucked into a legal dispute that could last for decades and for which the oil companies are far better prepared and resourced.

Richard Shepherd, chairman of the specialist oil consultancy, Petrologica, believes there is a strong political momentum behind increased polar exploration that extends way beyond the boundaries of Greenland. He says: "Arctic oil and gas is on the strategic agenda due to fear of energy dependence and fear of absolute shortages. Energy security is now synonymous with national security in the US – as it is with China". This, combined with rising prices means the pressure to exploit the Arctic's oil wealth will only increase.

Britain's richest man is planning a giant new opencast mine 300 miles inside the Arctic Circle in a bid to extract a potential $23bn (£14bn) worth of iron ore. The "mega-mine" – which includes a 150km railway line and two new ports – is believed to be the largest mineral extraction project in the Arctic and highlights the huge commercial potential of the far north as global warming makes industrial development in the region easier. The company has just spent nearly $600m (£373m) alongside a US private equity firm buying Baffinland Iron Mines, to seize control and develop the Mary river deposits in the Nunavut region of the Canadian Arctic. The world's biggest steel-making group, ArcelorMittal, admits the operations will be undertaken in an area inhabited by unique wildlife including polar bear, narwhal and walrus. The company admits any large diesel spill "would have significant environmental effects".