Arctic Oil Rush Will Ruin Ecosystem, Warns Lloyd’s of London

arctis-aurora-borealis
Aurora Borealis, Arctic. An aurora is a natural light display in the sky particularly in the high latitude (Arctic and Antarctic) regions, caused by the collision of energetic charged particles with atoms in the high altitude atmosphere (thermosphere). In northern latitudes, the effect is known as the aurora borealis (or the northern lights), named after the Roman goddess of dawn, Aurora, and the Greek name for the north wind, Boreas. Wikipedia.Photo source: ©© NB Hartstad

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Lloyd’s of London, the world’s biggest insurance market, has become the first major business organisation to raise its voice about huge potential environmental damage from oil drilling in the Arctic.

The City institution estimates that $100bn (£63bn) of new investment is heading for the far north over the next decade, but believes cleaning up any oil spill in the Arctic, particularly in ice-covered areas, would present “multiple obstacles, which together constitute a unique and hard-to-manage risk”…

Read Full Article, Guardian UK

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