Why Greenland Is So Important To The World Right Now

Greenland is the world's largest island

It's also covered in an ice sheet that's more than a mile thick on average

These two things mean that there's a vast amount of untouched natural resources

waiting to be extracted and sold, enough to make every Greenlander who lives on the island incredibly wealthy

So exactly how much money is hidden under Greenland? To answer this question, we have to rewind and explore

how Denmark ended up ruling Greenland in the first place. Greenland's identity and history is very much intertwined with Denmark

a country about 1,500 miles away. This sets the stage for the story of why the entire world is so focused on Greenland today

The story of Greenland becoming part of Denmark begins in the early 1700s

when the Danish-Norwegian missionary Hans Egede sought to reestablish contact with Norse settlements on the island

that had been abandoned for centuries. Several hundred years prior to this expedition

a Viking by the name of Erik the Red led a fleet of 14 ships to establish permanent settlements on

Greenland. But while these settlements lasted for centuries, they would eventually disappear

entirely. Ultimately, Egata found no Norse survivors, but his efforts marked the start

of Denmark's modern claim over Greenland. By the early 1800s, Greenland had become a Danish colony

and in 1953, it was officially integrated as part of the Kingdom of Denmark

Now, despite this formal relationship, Greenland maintains a significant degree of autonomy

In 1979, the island was granted home rule, allowing its government control over many

domestic affairs. This autonomy expanded in 2009, giving Greenland's parliament greater authority in areas such

as natural resources and foreign policy. Nevertheless, Denmark ultimately retains control over defense and the island's monetary policy

creating a complex and sometimes contentious relationship between the two populations. And of course, part of this contention lies in the fact that Greenland is

very different from Denmark, geographically and culturally. Greenland is a land of extremes

The island spans over 2.1 million square kilometers, nearly 80% of which is covered

by the Greenland Ice Sheet, the second largest body of ice in the world after Antarctica

This vast ice sheet holds about 2.8 million cubic kilometers of ice, a critical component of the global climate system

The sheer size and weight of this ice have shaped Greenland's landscape, creating deep fjords, towering glaciers, and rugged mountains

By contrast, Denmark is a small low-lying country of about 43,000 square kilometers that doesn't really have to contend with ice at all

This physical difference means that both populations have fairly different priorities. And also, Greenland's population is remarkably small, with just over 56,000 residents

Compared to Denmark, with nearly 6 million people, you can see where Greenlanders might

feel a little left out in the cold in this relationship. Finally despite being under the sovereignty of Denmark with a largely Danish population the majority of Greenlanders are actually Inuit with a heritage that reflects a deep connection to the Arctic environment and one that has more in common with other North American indigenous people than anyone from Europe This means that traditional practices

such as fishing and hunting remain vital to Greenlanders, another poignant difference between

the two groups. So perhaps it's not all that surprising, given all the ways Greenlanders are

different from Denmark that there has been a consistent push for full independence. But

couldn't independent Greenland even pay for its basic services? The answer is probably

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Fuel your best performance with Huel today. Right now, the United States is trying to buy Greenland from Denmark

And despite that the idea isn't very popular with Greenlanders or Denmark

it's actually not without historic precedent. The United States expressed interest in acquiring Greenland in 1946

when then-President Harry Truman offered $100 million in gold for the island

This offer was ultimately refused by Denmark, but it remains as the United States' most ambitious attempt

As far as we know, recent talks haven't gotten to the point where an actual monetary offer has been made

And while this all seems a little silly, What would the United States do with an island covered in ice

There are reasons that any country today would want to own Greenland

For the U.S. specifically, Greenland's strategic location in the Arctic and its abundant natural resources have long made it a focal point of geopolitical interest

Acquiring Greenland aligns with national priorities of bolstering American influence in the Arctic

countering Russian and Chinese activities. This also comes with the added benefit of a huge amount of natural resources

that are hiding under all that ice. However, Denmark's outright rejection of the initial 2017 proposal

stalled any serious negotiations. But now that Trump is in his second term in office

the United States is interested in acquiring it once again, this time with a bit more urgency

After all, that ice is melting and there's something under it waiting to be extracted and sold

Regardless of whether or not the US will buy Greenland the resurgence of interest in the island coincides with its increasing prominence in global affairs Greenland has drawn attention from numerous other countries

including China, which has sought to strengthen its economic ties to the island

The United States' apparent determination to keep Greenland within the Western sphere of influence

reflects broader concerns about competition in the Arctic, particularly from China, who Donald Trump sees as a natural rival

All this is to say, Greenland is becoming a very important part of the planet

not least because there's a lot of money to be made by whichever country ultimately has sovereignty over it

Which leads to the final question, exactly how much money is hidden under Greenland

Beneath Greenland's frozen surface lies a vast treasure of natural resources that has increasingly captured the world's attention

And while it's impossible to know exactly how much money is hidden under Greenland's ice

very rough initial estimates put it at over 5 trillion US dollars

based off of what's just been found along the island's coastline. But remember, there's a lot of land covered in ice

So this number could go up as high as 10 trillion dollars, 50 trillion dollars, or even 100 trillion dollars

But up until the earth started warming and the ice started melting, all of this money and the resources attached to it were locked behind an impossibly large block of

ice, which meant that for much of its history, the actual ownership of Greenland was really more of

a liability than anything profitable, at least for Denmark, who still pays Greenland about $500

million per year or about $9,000 per person living on Greenland. The Inuit, of course

have always found cultural and spiritual value in Greenland far beyond anything monetary

As far as we know today, Greenland's vast mineral reserves include rare earth elements

copper, uranium, zinc, lead, gold, diamonds, and iron ore, amongst others. And while all of these resources are very valuable

it's the rare earth elements and uranium that are particularly sought after today

Rare earth minerals, to start, are necessary for much of modern technology

including modern cellular infrastructure and satellite communications. and Greenland has proven to have large deposits of 25 of the 34 minerals that make up this category

Given that as of 2024, China was responsible for about 70% of all rare earth mineral mining

having access to Greenland's reserves is increasingly being seen as necessary in the event that China becomes more hostile to U.S. interests

And as climate change accelerates, the melting of Greenland's ice sheet will make access to these valuable deposits more feasible

and it's thought that there could be even more resources than we currently know. Now, as for uranium

it offers its own value. With growing global demand for nuclear energy as a cleaner alternative to

fossil fuels, Greenland's uranium reserves have the potential to play a pivotal role

in the energy future of whoever is able to extract the resource

That said however the mining of uranium has sparked debates among Greenlanders about environmental risks and the potential impact on their traditional way of life So whether or not the resource is even able to be mined is yet to be determined

Of course, there is also the potential to extract more traditional metals from Greenland as well

Iron ore and gold deposits have been found on the island, and companies from Australia, Canada, and China have already expressed interest

in developing mining projects to get access to these minerals. And finally, the melting ice is also revealing untapped opportunities in the form of oil and natural gas

While estimates of Greenland's hydrocarbon reserves remain uncertain, some suggest that the island could hold billions of barrels of oil and trillions of cubic feet of natural gas

But again, Greenland as a governmental entity has opposed and banned the extraction, mining, and prospecting of oil on its land

This means that any potential resource is currently unable to be extracted legally

Overall, despite all the potential money hidden under the ice, Greenland's government has approached these opportunities with cautious optimism

While the potential for economic growth is undeniable, leaders are keenly aware of the environmental and cultural stakes involved

Balancing resource development with sustainability has become a cornerstone of Greenland's policy

reflecting a desire to ensure long-term benefits for its people without sacrificing their unique environment or heritage

And while Greenland has entertained conversations with the U.S. and maintains a contentious relationship with Denmark

the reality is that the world's largest island doesn't have a large enough population

or economic base to defend itself should, say, the United States, China, or Russia decide to take Greenland's resources by force

In many ways, despite the $5 trillion or more that's hidden under the ice, which would be worth nearly $90 million to each individual on Greenland, it's almost safer for it to remain hidden

But that's not likely given the current rate of climate change. As the Arctic becomes increasingly accessible, Greenland will find itself at the center of a global competition for resources

Countries and corporations are vying for a stake in the island's future, while Greenlanders grapple with the implications of this newfound attention

The wealth beneath Greenland's surface holds the promise of transforming the island's economy

with vast wealth and riches. But at what cost? As one of the last untouched frontiers on our planet

Greenland remains a significant landscape yet to be explored. But as its vast ice sheet begins to melt

the shield that once kept the prying eyes of countries and corporations at bay

will soon disappear, exposing untapped resources and drawing the world's attention closer and closer

Speaking of exploring deep fjords, join me this week on Vancouver Island where we delve into some amazing caves

and enjoy life on a floating bathhouse in the middle of an ocean bay

I hope you enjoyed learning all about Greenland's potential mineral wealth. If you did, be sure to check out this video all about Svalbard, the world's northernmost settlement

Thanks for watching. See you next week