Read this article from salon.
An excerpt:
Take Pat Broe, a businessman from Denver, who bought the Canadian Hudson Bay port of the town of Churchill for $7 in 1997, back when it was nothing more than a chunk of tundra suspended in ice. Over the past decade, Broe has seen his investment appreciate in ways less cynical observers never dreamed it would. As the northern Canadian ice pack diminishes, a shortcut shipping lane that was once purely hypothetical -- the overseas passage from Churchill to Murmansk in Siberia -- inches closer to becoming one of the most important trade routes on the planet. Right now, the route is only in business from July until October. But if current warming trends continue, it should soon be open for most of the year. Canadian officials estimate the increased shipping traffic will net Churchill upward of $100 million a year, and Broe -- the first to see economic potential where once there was only permafrost -- will be the prime beneficiary. (The media-shy Broe did not respond to a request for comment.)
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