→ Our projects

ARCTICONOMICS

Understanding the Arctic as an economic system

About the project

ARCTICONOMICS is a new Nordic initiative that looks at the Arctic through an economic lens. It challenges the traditional view of the region as a remote, icy periphery and instead frames it as a dynamic system shaped by global forces — geopolitics, climate change, and market shifts.

The Arctic is rich in resources — oil, gas, rare minerals, shipping routes — but their value depends entirely on external conditions. As the world becomes more fragmented, unstable, and resource-constrained, the Arctic becomes more strategically and economically important. But in a stable, democratic, and open world, the costs and risks of Arctic development outweigh the returns.

This is the paradox at the heart of ARCTICONOMICS

ARCTICONOMICS is a project that asks a simple question: Under what conditions does it make economic sense to develop the Arctic?

‍As part of this project, we will publish a report and join major public discussions — including a session at the Arctic Circle Assembly, the largest annual event on Arctic affairs.

The work is done in collaboration with the University of Greenland, the Nordic Council, and the Arctic Economic Council.

About the report

Publication date: Q4 2025

This report presents an economic analysis of the Arctic using the ARCTICONOMICS framework — a tool to understand how global forces turn remote regions into strategic assets. It draws on the case of Norway to show how global shocks transformed a high-cost oil frontier into a foundation for national wealth, and applies the same framework to Greenland to explore how today’s geopolitical and market shifts may reshape Arctic development. The report challenges the idea that geography is fixed destiny — showing instead how the economic value of Arctic resources is dynamic and depends on external conditions. It explains why the Arctic is becoming newly relevant, not just for environmental or strategic reasons, but because economics now makes the case clearer. The result is a decision guide — not a forecast, but a way to think more clearly about when, why, and for whom Arctic development makes sense.