This article discusses how global warming is melting the ice caps but there are fears it could lead to a new Cold War. Shipping times from China and Russia to Europe could be reduced by one third if vessels travel through the Arctic rather than sailing the traditional way – and many countries want to have control of the new route.
The risks posed by global warming also have ramifications for economies around the world as rising sea levels and extreme weather put industries under threat.
Flood risks create problems for housebuilders, homeowners and insurers alike while supply chains face huge disruption as new weather patterns affect crop yields, infrastructure stability and demand.
But there is at least one way in which climate change will prove attractive to business: as the ice caps melt, a whole new section of the globe is opening up. Areas of the Arctic that were once impassable now represent a gateway to greater trade, and in some cases put new markets within reach.