China looking to rep benefits from the global warming situation in the Arctic

Capitalizing on the global warming situation in the Arctic sounds alternative and China is making efforts to do so. The Arctic is navigable during the summer months due to which, resources can be accessed easily, which is why the Chinese government is allocating more resources to the Arctic. The region boasts of 90 billion barrels of oil that have never been accessed before and countries like Canada, Denmark, Norway, Russia and the U.S. are debating as to who will control the frozen shipping routes. According to studies, the Northern Passage will be ice-free and accessible between 2010 and 2060. This will help cut travel costs by 40 percent. Unlike the other debating countries, China however does not have Arctic coasts and is not part of the Arctic council. Due to this, the country has no sovereign right on the waters of that region.

Just last year, Beijing approved the building of a new high-tech polar expedition research icebreaker which will set sail in 2013. Looks like China is keen on having some part of the Arctic’s abundant resources.
[Redorbit]