By Philip Iglauer
Denmark is aggressively pursuing its claim to develop energy and mining resources in the North Pole and its underlying seabed.
The Northern European country launched last year a new Arctic strategy for “the environmentally and socially sustainable development of the untapped resources,” and has been courting Korean investment for energy and mining exploration. Last month it appointed its first permanent envoy to the resource rich Arctic.
Now Danish Ambassador to Korea Peter Lysholt Hansen said that Korea and Denmark have agreed that enhanced cooperation on Arctic energy and mineral development would be mutually beneficial.
It is estimated that some 30 billion barrels of oil and gas can be found off the northeast coast of Greenland, as well as 20 billion barrels of oil and gas in areas of western Greenland.
Greenland is also rich in mineral deposits including zinc, copper, nickel, gold, diamonds and platinum, and has substantial deposits of critical rare earth metals, several of which are important components of high-end technology.
“Korea is a strategic partner to Denmark,” Hansen said. “It is only natural to engage in a dialogue with the Korean government and Korean companies on their potential involvement in this process. This was one of the topics on the agenda when Minister of Foreign Affairs and Trade Kim Sung-Hwan visited in Denmark Jan. 17-19.”
Denmark claims three areas around Greenland, including an area north of Greenland which among other areas covers the North Pole.
Four other countries ― Russia, the United States, Canada and Norway ― are claiming rights for the region.
Under the 2008 Ilulisaat Declaration, the five “Arctic states” agreed to negotiated settlements to claims in the region. Along with Antarctica, the Arctic remains one of the last areas on earth where sovereignty has not been fully apportioned.
Korean and Danish scientists collaborate on research on climate change in Greenland and on the detrimental impact of carbon-driven growth, “and lessons on the path towards green growth which Denmark and Korea are embarking on together,” according to the Danish Embassy.
“Korean companies are global leaders in construction, engineering, energy development and shipping while the Korea Polar Research Institute is one of the leaders on Arctic research. Both Korea and the Kingdom of Denmark would benefit from the increased involvement of a broad range of Korean expertise in the development of the Arctic region,” Hansen said.