27) Limited Increases in Arctic Offshore Oil and Gas Production with Climate Change and the Implications for Energy Markets
Climate change impacts on sea ice thickness is opening access to offshore Arctic resources. The degree to which these resources are exploited will depend on sea-ice conditions, technology costs, international energy markets, and the regulatory environment. In this study, we use an integrated human-Earth system model, GCAM, to explore the effects of spatial-temporal patterns of sea-ice loss under climate change on future Arctic offshore oil and gas extraction, considering interactions with global energy markets and emission reduction scenarios.