Canada’s three northern territories include Yukon, Nunavut and North West Territories and are expected to contain significant diamond, iron ore and rare earth metals as well as over 35% of Canada’s untapped oil and natural gas reserves. The effects of climate change have decreased the extreme conditions meaning less risks when building infrastructure, operating machinery and during transportation.
A key factor for development in the north is the decreasing of sea ice and opening of the north west passage, a water route connecting northern Asia to Europe, reducing the time and distance of ocean travel. This will not only facilitate global transport but also assist with bringing in much needed supplies to the northern indigenous populations consisting of about 100,000 people. The challenges for the remote indigenous populations also bring opportunities for companies that can provide construction of housing, reliable sources of energy, remote communication and labour/skills training.
Read our full Arctic Canada report to learn more about industry opportunities in the arctic, social and economic challenges and the similarities between Sweden and Canada’s northern climates.