Sustainable Development of the Arctic

Abstract

Circumpolar territories and the regions related to the Arctic are those rich with natural resources. They have a high potential for the development of mining and extractive industries. The abundance with resources makes the North increasingly attractive for investments. However, circumpolar territories are characterized by peculiar socio-economic, natural, and climatic conditions which taken together frequently pose a negative impact on people and hinder the exploration opportunities of the Arctic resources. In global, regional, and sub-regional levels, the development of the Arctic is heavily regulated by multilateral international treaties. However, the issues of monitoring and assessment of the sustainable development of the Arctic remain open, which stems from the absence of agreed criteria and indicators for assessing sustainability in the context of national, regional, and scientific approaches. It necessitates the development of a specific methodological approach to the establishment of a system to monitor and assess the sustainable development of the Arctic.