University of Oulu

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.

Sustainable business development in the Arctic : under what rules?

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Author: Middleton, Alexandra1
Organizations: 1University of Oulu, Oulu, Finland
Format: article
Version: accepted version
Access: embargoed
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Language: English
Published: Springer Nature, 2022
Publish Date: 2024-05-08


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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Series: Informed decisionmaking for sustainability
ISSN: 2662-4516
ISSN-E: 2662-4524
ISSN-L: 2662-4516
ISBN: 978-3-030-89312-5
ISBN Print: 978-3-030-89311-8
Pages: 103 - 122
DOI: 10.1007/978-3-030-89312-5_7
Host publication: Building common interests in the Arctic Ocean with global inclusion, volume 2
Host publication editor: Berkman, Paul Arthur
Vylegzhanin, Alexander N.
Young, Oran R.
Balton, David A.
Øvretveit, Ole Rasmus
Type of Publication: A3 Book chapter
Field of Science: 512 Business and management
1172 Environmental sciences
Copyright information: © 2022 Springer Nature Switzerland AG.