In the News – Finance Ministers and the Arctic Circle

In the News this week, we are sticking with our “Canada and the World” theme and bring to your attention the Group of 7 Finance Ministers meeting which is taking place this weekend near the Arctic circle in Canada. The Group of 7 is a group that has traditionally represented the 7 largest economies in the world. They regularly get together at various times during the year and in various places around the world to “take each others temperatures” on world events; often meeting at the head of state level and sometimes at the level of ministers of finance and central bankers.

This week they are getting together as Finance Ministers and Central Bankers in Iqaluit, the capital of Nunavut, the “newest” Canadian territory. The Ministers are scheduled to discuss a variety of issues including financial industry reforms, international institutions and a look at a coordinated response to the Haiti disaster (see It’s a wRAP this week for some more ideas on how to help Haiti.)

What does this have to do with Climate Change, you ask? Fair enough. The choice of Iqaluit highlights how important the rapid melting of the Arctic is for issues like national sovereignty. As the Arctic becomes more accessible, as summer ice lessens and access to the Northwest Passage opens up, the importance of sea routes and sovereignty of natural resources at the top of our world becomes more relevant. Lets hope that some of the local residents will have the opportunity and the time to share their stories of climate change with these special guests!