In Greenland, an Arctic Growth Story

Greenland's capital of Nuuk (pop. 15,000) was turned upside down by the arrival on May 11 of U.S. Secretary of State Hillary Clinton. She was there for a meeting of the Arctic Council, an eight-nation group that's trying to figure out how to manage the region's growing industrial activity while protecting the ecosystem and native rights.

Greenland's role as host of the meeting highlights its growing importance in the drive to exploit the riches of the Far North. Cairn Energy, a Scottish explorer of oil, just received approval from Greenland authorities to drill four exploratory wells in the chilly waters west of the island. Last year, Cairn drilled two wells that uncovered evidence of oil and gas in the same area the company plans to probe more extensively starting in early June. Oil majors Royal Dutch Shell (RDS.A) and ExxonMobil (XOM) have expressed interest in Greenland as well.