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”.
Richard Ward, Lloyd’s chief executive, urged companies not to “rush in [but instead to] step back and think carefully about the consequences of that action” before research was carried out and the right safety measures put in place.
The main concerns, outlined in a report drawn up with the help of the Chatham House thinktank, come as the future of the Arctic is reviewed by a House of Commons select committee and just two years after the devastating BP blowout in the Gulf of Mexico.
While not the review I was looking for, I hope it helps give pause to some of the big businesses. One can hope…