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(Research): Sustainable Business Development in the Arctic: Under What Rules?

Part of the Informed Decisionmaking for Sustainability book series (IDS)

Abstract

This chapter addresses the future of Arctic investment and sustainable business development by investigating available hard laws (frameworks and agreements that support sustainable development) and soft laws, especially by focusing on the Arctic Investment Protocol. Arctic Investment Protocol (AIP) was introduced in 2015 by the Global Agenda Council on the Arctic organised by the World Economic Forum. The chapter reviews currently available hard laws applicable to foreign direct investments in the Arctic states (National Investment Laws and International Investment Agreements) and AIP. The data comes from publicly available sources such as the World Economic Forum (WEF) publications and the UN Conference on Trade and Development database and interviews with WEF and Arctic Economic Council. Results demonstrate that hard investment laws and international investment treaties in the Arctic states do not support three pillars of sustainability and corporate social responsibility, and the adaption of soft law mechanisms is slow. The results of the analysis led to recommendations for developing future sustainable investment framework for the Arctic.

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Fig. 7.1

Notes

  1. 1.

    https://uk.practicallaw.thomsonreuters.com/4-502-5545?transitionType=Default&contextData=%28sc.Default%29

  2. 2.

    The IIA Mapping Project is a collaborative initiative between UNCTAD and universities worldwide to map the content of IIAs. The IIA Mapping Project is an ongoing effort that aims to map all IIAs for which texts are available (about 3000), 2577 or 86% of IIAs have been mapped already.

  3. 3.

    https://www.guggenheimpartners.com/firm/news/guggenheim-partners-endorses-world-economic-forums

  4. 4.

    American Geographical Society, Eykon Energy, Guggenheim Partners, High North Center, Graduate School of Business, Nord University, The Icelandic Arctic Chamber of Commerce, Lapland Chamber of Commerce (Finland), Lapland Chamber of Commerce (Sweden), The Northern Chamber of Commerce and Industry, Murmans; Norwegian Shipowners’ Association, Norwegian Shipowners’ Association, The Polar Journal, Pt Capital, Statoil, Tschudi Shipping

  5. 5.

    interview with WEF 18.5.2018.

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Correspondence to Alexandra Middleton .

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Middleton, A. (2022). (Research): Sustainable Business Development in the Arctic: Under What Rules?. In: Berkman, P.A., Vylegzhanin, A.N., Young, O.R., Balton, D.A., Øvretveit, O.R. (eds) Building Common Interests in the Arctic Ocean with Global Inclusion. Informed Decisionmaking for Sustainability. Springer, Cham. https://doi.org/10.1007/978-3-030-89312-5_7

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