A Conceptual Model for the Sustainable Development of the Arctic’s Mineral Resources Considering Current Global Trends: Future Scenarios, Key Actors, and Recommendations

Abstract

Today, the issues of sustainable development are among the most pressing ones. They are particularly relevant in the context of mineral resource development as operations in this sector always have an impact on the environment and socioeconomic development. Developing the mineral resource base of the Arctic presents a difficult task, as it requires finding a balance between the growing demand in resources and the acute climatic and geopolitical challenges. In view of both the specific features of the region and the pressure caused by various trends and challenges, ensuring the sustainable development of the Arctic’s mineral resource base is highly important. In 2022, the global landscape that consists of sustainable development trends, ESG agendas, and environmental awareness was supplemented by national import substitution policies introduced in many strategic industries, which led to an inevitable increase in demand for mineral resources. This substantiates the importance of the research goal—developing a model for the sustainable development of the Arctic’s mineral resource base that will produce quantitative results and provide key actors with reasonable recommendations for restructuring the priority areas of development.

Strategic Priorities for Green Diversification of Oil and Gas Companies

“…In addition, international diversification is associated with high risk related to institutional features in the host country [50]. Moreover, developing hard-towork resources such as arctic and deep-water fields and shale formations requires constant innovation and technology upgrades and developing corresponding competencies [55][56][57].…”

Strategic Priorities for Green Diversification of Oil and Gas Companies

“…In addition, international diversification is associated with high risk related to institutional features in the host country [50]. Moreover, developing hard-towork resources such as arctic and deep-water fields and shale formations requires constant innovation and technology upgrades and developing corresponding competencies [55][56][57].…”

Russian Arctic Mineral Resources Sustainable Development in the Context of Energy Transition, ESG Agenda and Geopolitical Tensions

“…Today, the problems and difficulties identified are complemented by new challenges. The degree of uncertainty in the functioning of mineral markets is increasing; there is a gradual shift in focus from traditional to green energy sources; the needs for various types of minerals are changing; the level of environmental and social requirements is increasing; new approaches to project financing are emerging due to the current ESG agenda [7,[15][16][17][18].…”

Strategic Priorities for Green Diversification of Oil and Gas Companies

“…In addition, international diversification is associated with high risk related to institutional features in the host country [50]. Moreover, developing hard-towork resources such as arctic and deep-water fields and shale formations requires constant innovation and technology upgrades and developing corresponding competencies [55][56][57].…”

Russian Arctic Mineral Resources Sustainable Development in the Context of Energy Transition, ESG Agenda and Geopolitical Tensions

“…Today, the problems and difficulties identified are complemented by new challenges. The degree of uncertainty in the functioning of mineral markets is increasing; there is a gradual shift in focus from traditional to green energy sources; the needs for various types of minerals are changing; the level of environmental and social requirements is increasing; new approaches to project financing are emerging due to the current ESG agenda [7,[15][16][17][18].…”

Strategic Priorities for Green Diversification of Oil and Gas Companies

“…In addition, international diversification is associated with high risk related to institutional features in the host country [50]. Moreover, developing hard-towork resources such as arctic and deep-water fields and shale formations requires constant innovation and technology upgrades and developing corresponding competencies [55][56][57].…”

Russian Arctic Mineral Resources Sustainable Development in the Context of Energy Transition, ESG Agenda and Geopolitical Tensions

“…Today, the problems and difficulties identified are complemented by new challenges. The degree of uncertainty in the functioning of mineral markets is increasing; there is a gradual shift in focus from traditional to green energy sources; the needs for various types of minerals are changing; the level of environmental and social requirements is increasing; new approaches to project financing are emerging due to the current ESG agenda [7,[15][16][17][18].…”