Economics will drive Arctic development
By Dr. James Jay Carafano
The Arctic is an area of vast undeveloped wilderness. But that could be about to change as the eight nations that have territory in the region assess how they can overcome the challenges of inhospitable territory to enable them to tap into its massive resources of oil, gas, and minerals, according to Dr. James Jay Carafano, a leading expert in American national security and foreign policy at the Heritage Foundation, U.S.
Economic development, which looks like becoming a reality in the not too distant future, will almost certainly take precedence over the environmental lobby, he writes in World Review.
“In the past, those advocating more human activity in the Arctic and those advocating placing a priority on climate change and environmental protection could accommodate one another because development in the polar region was growing at a modest pace,” Carafano says.
“However, the scale and speed of economic activity in the Arctic could accelerate rapidly in the near term. Global consensus on a climate change agenda, on the other hand, is not gaining momentum.”
Advocates for polar activities often discuss the need to deal with climate change and attempts to minimize the impact of commercial activity on the fragile Arctic environment in the same sentence, he says. “But the reality is that the issues are at odds with one another.”
Large private sector capital will be required to build the infrastructure necessary to support the increased activity, he adds. Nations are scrambling for investors.
“The more favored model seems to be to encourage business-to-business partnerships under the umbrella of public-private cooperation, which could all give due deference to environmental and local concerns, such as involving indigenous peoples in development planning,” Carafano says.
Ultimately, competition will spur more development and infrastructure construction, fostering innovation and lowering costs. Read the full World Review report here.
About the Author: World Review author Dr James Jay Carafano is a leading expert in America's national security and foreign policy challenges, is the Washington-based Heritage Foundation's vice president for foreign and defense policy studies and director of the Kathryn and Shelby Cullom Davis Institute for International Studies.
© 2013 Geopolitical Information Service; http://www.worldreview.info
Photo credit: Elena Shchipkova / Shutterstock
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.