Q20. What is the economic significance of the discovery of oil in the Arctic Sea and its possible environmental consequences?

Model Answer:

Introduction

The discovery of oil in the Arctic Sea holds significant economic potential, but it also raises serious environmental concerns. As the world increasingly seeks new energy sources, the Arctic region, rich in oil reserves, has attracted considerable attention.

Body

Economic Significance:

• Energy Supply:
  • Increased Oil Production: The Arctic is estimated to contain about 13% of the world's undiscovered oil reserves. Exploiting these reserves could significantly enhance global oil supply, contributing to energy security and stabilising oil prices.
  • Economic Growth for Arctic Nations: Countries like Russia, Canada, and the United States stand to gain economically through exploration and extraction activities, creating jobs and boosting local economies.
• Infrastructure Development:
  • Investment Opportunities: The oil industry could lead to substantial investments in infrastructure, such as ports, pipelines, and transportation networks, facilitating further economic development in the region.
  • Technological Advancements: The challenges of oil extraction in harsh Arctic conditions may drive technological innovations, benefiting not only the oil sector but also other industries.
• Geopolitical Dynamics:
  • Strategic Interests: The Arctic’s oil reserves could alter global energy dynamics, potentially increasing competition and cooperation among Arctic and non-Arctic nations for resource control and access to shipping routes.

Possible Environmental Consequences:

• Ecosystem Disruption:
  • Biodiversity Threats: Oil exploration and extraction can disrupt fragile Arctic ecosystems, threatening native species and habitats. Increased human activity can lead to habitat degradation and loss of biodiversity.
• Oil Spills and Pollution:
  • Environmental Risks: The risk of oil spills poses a significant threat to marine and coastal environments, as clean-up efforts in icy waters are notoriously challenging and often ineffective. Such spills can have long-lasting effects on local wildlife and ecosystems.
• Climate Change Impact:
  • Global Warming Acceleration: Exploiting Arctic oil reserves could contribute to greenhouse gas emissions, exacerbating climate change and its associated impacts, such as melting ice caps and rising sea levels.
• Indigenous Communities:
  • Cultural and Social Disruption: The pursuit of oil can disrupt the livelihoods and cultures of indigenous peoples living in the Arctic, who rely on the natural environment for sustenance and cultural practices.

Conclusion

‍The discovery of oil in the Arctic Sea presents significant economic opportunities, particularly in energy supply and infrastructure development. However, the potential environmental consequences, including ecosystem disruption, pollution risks, and contributions to climate change, cannot be overlooked. A balanced approach that prioritizes environmental protection alongside economic interests is essential to ensure the sustainable development of this sensitive region. Responsible resource management, technological innovation, and collaboration with local communities are critical to mitigating the negative impacts while harnessing the economic benefits.

‍

Instant Mains Evaluation with SuperKalam