Why world powers are wooing resource-rich Greenland

GREENLAND is about 80 per cent ice-capped and, until the 1940s, was a protected, isolated society. Yet, today the growing geopolitical and geoeconomic focus on the Arctic Circle has made the world’s largest island a major prize for powers as far away as the Asia Pacific, especially China.

As the region’s melting ice caps expose unclaimed ocean and lands, what has been called a modern gold rush has commenced over the Arctic’s territory, natural resources, and strategic position. While the economic value of this is obvious, the geopolitical dimension is also key given the Arctic’s critical location between North America and Eurasia.

In this context, the more than 810,000 square mile Greenland is an increasingly prominent player with huge potential. This is not least as it boasts the world’s northernmost territory off its coast, which is the closest point of land to the North Pole.