Trump's Greenland Gambit: Economic Hurdles in the Arctic

Thu Mar 13 2025 08:28:16 GMT+0200 (Eastern European Standard Time)
Trump's Greenland Gambit: Economic Hurdles in the Arctic

Amid renewed interest in Arctic assets, environmental concerns and geopolitical tensions stall development.


Norwegian fisherman Sondre Alnes-Bonesmo navigates challenging conditions, reflecting on the halted Arctic cold rush following geopolitical shifts.

In recent times, the Arctic has taken center stage, particularly due to Donald Trump's rekindled interest in purchasing Greenland, a territory rich in mineral resources. His motivations have ranged from national security to economic expansion, yet broader Arctic investment is now stymied by escalating sanctions and diplomatic tensions, particularly following Russia's invasion of Ukraine in 2022.

For Sondre Alnes-Bonesmo, a Norwegian fisherman, working in the Arctic Ocean presents formidable challenges. Currently on a five-week trip aboard the Granit, a factory trawler actively fishing Arctic waters, he contends with the perpetual darkness and icy temperatures, which can drop below minus 40 degrees Celsius. "Summer aboard is much more forgiving," Alnes-Bonesmo admits, reflecting on the violent storms that accompany winter months.

In a twist on the famed "gold rush," the rush for Arctic resources gained momentum in 2008, as discoveries of substantial mineral and hydrocarbon deposits were revealed. Climate change has also made these resources more accessible, shrinking ice cover that previously hindered marine navigation. Ship traffic in Arctic waters surged from 6.1 million to 12.9 million miles from 2013 to 2023, indicating growing shipping potential.

However, the geopolitical landscape drastically shifted post-Ukraine invasion. According to Morten Mejlaender-Larsen, Arctic operations director at DNV, a significant decline in international shipping activity along the contested Northeast Passage ensued. Furthermore, Norway has suspended oil and gas exploration in the Barents Sea, drawing approval from environmental activists who fear the repercussions of drilling on the fragile ecosystem.

While Trump foresees potential economic expansion in Greenland, its government has firmly stated its disinterest in selling the territory. This sentiment is echoed by both residents and officials who regard the island's autonomy and resource management as critical. Amid these geopolitical uncertainties, the prospects of large-scale industrial growth in the Arctic remain bleak.

In contrast, initiatives continue in other regions; Canada progresses with a strategic deep-water port in Nunavut, vital for accessing the Northwest Passage. Alnes-Bonesmo's perspective honors the stark beauty of the Arctic landscape amidst the constant struggle against nature's extremes. With dwindling fish quotas threatening his livelihood, he expresses a blend of fear and respect for the raw power of the Arctic, setting the stage for an uncertain future as climate effects and territorial interests collide in this remote frontier.

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