The loss of ice has also opened up the possibility of new shipping routes, creating faster and shorter trade routes for 80% of the most industrialised nations and leading to a vast drop in fuel consumption and carbon emissions.

The Northern Sea Route (NSR), as it has become known, could become a viable alternative to the Suez Canal, with some analysts suggesting it could reduce travel time between Asia, Europe and the east coast of the US by 10-15 days. And in the process making it one of the most strategic maritime regions in the world.

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