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The Energy and Mineral Riches of the Arctic

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The Energy and Mineral Riches of the Arctic

The Energy and Mineral Riches of the Arctic

The Arctic has been the fascination of many people for centuries.

Hundreds of years ago, the Europeans saw the Arctic’s frigid waters as a potential gateway to the Pacific. The region has also been home to many unique native cultures such as the Inuits and Chukchi. Lastly, it goes without saying that the Arctic is unsurpassed in many aspects of its natural beauty, and lovers of the environment are struck by the region’s millions of acres of untouched land and natural habitats.

However, the Arctic is also one of the last frontiers of natural resource discovery, and underneath the tundra and ice are vast amounts of undiscovered oil, natural gas, and minerals. That’s why there is a high-stakes race for Arctic domination between countries such as the United States, Norway, Russia, Denmark, and Canada.

Today’s infographic highlights the size of some of these resources in relation to global reserves to help create context around the potential significance of this untapped wealth.

In terms of oil, it’s estimated that the Arctic has 90 billion barrels of oil that is yet to be discovered. That’s equal to 5.9% of the world’s known oil reserves – about 110% of Russia’s current oil reserves, or 339% of U.S. reserves.

For natural gas, the potential is even higher: the Arctic has an estimated 1,669 trillion cubic feet of gas, equal to 24.3% of the world’s current known reserves. That’s equal to 500% of U.S. reserves, 99% of Russia’s reserves, or 2,736% of Canada’s natural gas reserves.

Most of these hydrocarbon resources, about 84%, are expected to lay offshore.

There are also troves of metals and minerals, including gold, diamonds, copper, iron, zinc, and uranium. However, these are not easy to get at. Starting a mine in the Arctic can be an iceberg of costs: short shipping seasons, melting permafrost, summer swamps, polar bears, and -50 degree temperatures make the Arctic tough to be economic.

Original graphic by: 911 Metallurgist

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Energy

Ranked: Electric Vehicle Sales by Model in 2023

Today, electric vehicle sales make up 18% of global vehicle sales. Here are the leading models by sales as of August 2023.

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The Highest Electric Vehicle Sales, by Model

Ranked: Electric Vehicle Sales by Model in 2023

Electric vehicle (EV) sales are gaining momentum, reaching 18% of global vehicle sales in 2023.

As new competitors bring more affordable options and new performance features, the market continues to mature as customers increasingly look to electric options.

This graphic ranks the top-selling EVs worldwide as of August 2023, based on data from CleanTechnica.

The Best Selling EVs in 2023 (Through August)

Below, we show the world’s best selling fully electric vehicles from January to August 2023:

ModelCountryVehicles Sold
(Jan-Aug 2023)
Tesla Model Y🇺🇸 U.S.772,364
Tesla Model 3🇺🇸 U.S.364,403
BYD Atto 3 / Yuan Plus🇨🇳 China265,688
BYD Dolphin🇨🇳 China222,825
GAC Aion S🇨🇳 China160,693
Wuling HongGuang Mini EV🇨🇳 China153,399
GAC Aion Y🇨🇳 China136,619
VW ID.4🇩🇪 Germany120,154
BYD Seagull🇨🇳 China95,202

As we can see, Tesla‘s Model Y still holds a comfortable lead over the competition with 772,364 units sold. That’s more than double the sales of the #2 top selling vehicle, Tesla’s Model 3 (364,403)

But it’s hard to ignore the rising prevalence of Chinese EVs. The next five best selling EV vehicles are Chinese, including three from BYD. The automaker’s Atto 3 (or Yuan Plus, depending on market), is being sold in various countries including Germany, the UK, Japan, and India.

Meanwhile, Chinese automaker GAC Group also had two models of its Aion EV brand make the rankings, with the Aion S selling 160,693 units so far.

Regional market strength is also clear. For Volkswagen’s ID.4 model (120,154 units sold), Europe and China account for the majority of sales.

Given growing cost efficiencies and changing consumer behavior, global EV sales are projected to make up half of new car sales globally by 2035, according to forecasts from Goldman Sachs.

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