In December 2024, China unveiled a huge flat-top cargo ship it described as "polar ready." As big as an aircraft carrier, the Fan Zhou 8 has the capability to transport ultra-large components while carving through thick sea ice. Its appearance is indicative of the "Cold Rush"—a new geoeconomic competition to extract additional mineral wealth from the Arctic.
Indeed, the gradual yet relentless melting of the polar ice cap is likely to open up new sea routes across the Arctic Ocean, thus facilitating access to previously untapped natural resources. The economic rewards are potentially huge, but the environmental damage and loss of biodiversity to the region is incalculable. Analysts are also voicing defense and security concerns.
So, how concerned should we be about this impending Cold Rush? Click through the following gallery and find out why it's such a hot topic.