Opportunities in the Ice: How Svalbard Makes Money
Svalbard proves that even the most challenging environments can offer incredible opportunities. Coal mining remains the backbone of the economy, employing 300 people despite growing environmental concerns about greenhouse gas emissions. A new mine opened in Svea in 2014, showing this industry isn't slowing down yet.
Energy development is getting exciting as Svalbard explores its options. Currently, the territory burns locally mined coal at Longyearbyen power station - Norway's only coal-fired facility. However, plans are underway for geothermal energy, taking advantage of Svalbard's location near the Mid-Atlantic Ridge where hot rocks sit close to the surface.
The Barents Sea is an absolute goldmine for fishing, boasting over 150 fish species including cod, haddock, and herring. Meanwhile, extreme tourism is booming as 70,000 visitors flock to see polar bears, northern lights, and glaciers - with 30,000 arriving by cruise ship alone.
Future Focus: Carbon capture and storage technology could revolutionise how Svalbard generates electricity whilst reducing environmental impact!