EUOBSERVER / BRUSSELS - The rapidly melting Arctic is a bonanza of oil, gas, fish and mineral wealth waiting to be exploited - so long as it is done in a sustainable manner, the European Commission believes.

Faster transit routes, including the fabled Northwest Passage sought by explorers for centuries, and expanded possibilities for polar tourism also provide exciting opportunities for businesses, according to the EU executive, which on Thursday

"We cannot remain impassive in the face of the alarming developments affecting the Arctic climate and, in consequence, the rest of our planet," said fisheries commissioner Joe Borg, while speaking to reporters after the publication of the policy document.

"The Arctic is an essential and vulnerable component of the Earth's ecosystem," echoed his colleague, external relations commissioner Benita Ferrero-Walder. "The effects of climate change are more advanced and more evident in the Arctic than in any other area of the world."

But this is no reason not to exploit the region, they both argued.