Climate change, global warming specifically, is posing a great threat to humans and the rest of the natural world. For some, however, something can actually be made out of a phenomenon that results from global warming.

Eyes are being drawn to the Arctic and the many issues facing it in the upcoming week as President Barack Obama visits the region and focuses on combating climate change. He is the first sitting president to visit Alaska, and is scheduled to address an international Arctic conference on Monday, Aug. 31.

The world is becoming so much warmer that even the glaciers of the North Pole are expected to melt. While the possibility of flooding from the additional water is feared, a boost to the region's economy, along with the generation of trillions of dollars from oil and gas reserves, is also anticipated.

When the glaciers melt, the Arctic becomes a potentially massive new source of oil and gas. Melting will open up the seas beneath, and could not only reveal new discoveries of ancient creatures that were fossilized in ice, but also open water that could be cultivated as a new habitat for marine animals. There could be shorter trade routes and the economy is expected to boom.

Possible oil reserves are estimated at 90 trillion barrels, while possible natural gas resources could climb up to 1.7 trillion cubic feet, according to a 2008 U.S. Geological Survey. The influx of money and jobs has already strarted, with Google and Facebook taking advantage of the climate for the lower cooling costs in server farms for their web-based companies.

While the actual melting of the Arctic's ice cover and the promise of a financial and geopolitical boom could still be a few decades away, the world's leading nations are already advancing their claims.

Russia, for one, has been the most aggressive yet. In 2007, it sent a pair of minisubs to place a flagpole in the seabed under the North Pole, just over two miles below the polar icecap. It is now expanding its Northern Fleet to upgrade facilities in the region, which contributes to about one-fifths of its national economy.

"The Arctic's incredibly important to Russia," said former State Department official Heather Conley, who is currently with the Center for Strategic and International Studies in Washington. She highlighted how Russia is basing the future development of its economy on the Arctic.

Meanwhile, the United States is lagging behind Russia, some suggest due to preoccupation with fighting the Islamic State, along with the rise of China. It's beginning to catch up, however – earlier this year in April, it assumed chairmanship of the Arctic Council, an intergovernmental forum begun in 1996 that promotes cooperation on common Arctic issues, especially on sustainable development and environmental protection.

The council is an eight-nation body in charge of maritime, environmental and emergency preparedness policies. The eight members are Canada, Denmark (including Greenland and the Faroe Islands), Finland, Iceland, Norway, the Russian Federation, Sweden, and the U.S. Chairmanship rotates every two years, and consensus operates throughout. Oil spill responses, rescue and maritime search procedures have been agreed on.

Along with Russia and the U.S., Canada and Norway are also preparing for future defense against territorial claims.

Photo: Christopher Michel | Flickr