Climate Change

KEY POINTS

Consequences of Climate Change

·         Climate change is resulting in parts of the Arctic warming up to 100% faster than elsewhere.

·         The extent of sea ice covering the Arctic Ocean has declined in every decade since the 1980s.

·         There is evidence that ancient, thick ice is disappearing as well.

Shipping revolution

·         Resultantly, as sea ice reduce decade on decade, it will open up vast swathes of the Arctic Ocean.

·         The ships may, by the middle of this century, be able to pass directly over the North Pole.

·         The current route is via the Malacca Strait, Indian Ocean, Gulf of Aden and Suez Canal.

·         The Northern Sea Route could potentially cut the travel distance between East Asia and Western Europe.

·         It could considerably bring down the distance and the journey time.

·         As voyage times fall significantly, shipping could become more attractive in north than the southern routes.

·         Shipping activity in the region is thus likely to increase significantly over the next decade.

Challenges

·         Costs will be a major consideration towards the above transformation.

·         Arctic ice conditions will still vary greatly from year to year.

·         The passage is only feasible for around three months a year.

·         This could discourage shippers for whom keeping to schedules is important.

·         Increased insurance costs and safety considerations are other deterrents.

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