(CNN) Secretary of State Mike Pompeo on Monday praised the Arctic region -- and its rapidly shrinking levels of sea ice -- for its economic opportunities, despite continued warnings about the catastrophic effects of climate change.

"The Arctic is at the forefront of opportunity and abundance," Pompeo said in remarks in Rovaniemi, Finland. "It houses 13 percent of the world's undiscovered oil, 30 percent of its undiscovered gas, an abundance of uranium, rare earth minerals, gold, diamonds, and millions of square miles of untapped resources, fisheries galore."

"Steady reductions in sea ice are opening new passageways and new opportunities for trade," he continued. "This could potentially slash the time it takes to travel between Asia and the West by as much as 20 days."

"Arctic sea lanes could become the 21st century Suez and Panama Canals," Pompeo remarked.

According to the US Global Change Research Program, the loss of sea ice leads to warmer global water temperatures, which in return lead to greater sea ice melting. They also note that "the loss of ice increases the risk of erosion along coastlines and changes the presence of marine species in certain areas, affecting commercial fish stocks and the economies of some coastal towns."

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