The Arctic’s importance in climate change mitigation and sustainable economic development rightly recognised in the EU’s new Arctic policy

The Nordic industry organisations welcome the European Commission’s and European External Action Service’s (EEAS) Joint Communication on the Arctic. We find it timely and necessary that the role of the EU in Arctic affairs has been re-examined and its Arctic strategy updated as the EU has such an important role to play in making the Arctic safe, stable, sustainable, and prosperous. Business and industry have an important role to play in realising the economic and social potential of the European Arctic.  

Fighting climate change and the impacts of global warming in the Arctic and protecting the environment are key objectives for the region and protecting the environment are key objectives for the region. The EU’s Arctic policy must therefore focus on the potential to realise the European Artic as a contributor to the green transition, while benefiting the local populations and Europe as a whole.

As many stakeholders have already pointed out, to achieve sustainable regional development in the Arctic, the EU also needs to increase investment and financial support in key areas. Notable examples are research, development, and innovation (RDI), space, digital and transport infrastructure, space technologies, sustainable shipping, sustainable extraction and processing of raw materials, energy production and infrastructure and other low carbon activities, and tourism.

In this regard, and to realise the full innovative potential in the Artic, it is crucial that the business community in the European Arctic and in the EU plays a key role in EU efforts promoting sustainable economic development in the Arctic region.

Read the comments from EK, NHO, DI and Swedish Enterprise in the attached document.