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Arctic Economic Development Fraught With Environmental Disaster Risks, UK Study Says

Posted: 04/12/2012 11:24 am

LONDON (AP) — A British report is warning that new opportunities for economic development in the Arctic are fraught with high risks of environmental disaster.

The report was released Thursday by the Lloyd's of London insurance market and the Royal Institute of International Affairs, a respected think tank. They say the region could attract $100 billion in investment in the next decade.

The report says the ability to manage any disaster in the region, such as an oil spill, raises issues, including access and how well the various governments on the Arctic rim can work together.

Lloyd's chief executive, Richard Lloyd, says effective management of risks will require much more research about the region.

(This version CORRECTS APNewsNow. Corrects think tank name to Royal Institute of International Affairs.)

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Filed by Jessica Leader  |