Russia is Building a $110-Billion Megaport in Arctic. Here's Why

It'll be the "Arctic Silk Road."
Derya Ozdemir

Russia may have announced its intention to become carbon neutral within four decades, but that claim does not appear to stop it from embarking on what has been dubbed the largest project in the modern-day global oil industry.

As one of the world’s main oil producers and the fourth-biggest greenhouse-gas emitter behind China, the United States, and the European Union, Russia is now constructing a $110 billion megaport on the Taymyr peninsula. This project, which will contain the country's largest Arctic oil terminal, is so large and isolated that they'll have to first create the infrastructure required just to travel to the site.