The World Economic Forum Global Agenda Council on the Arctic has set forth six foundational and formative principles for responsible investment in the Arctic.
These principles—more defined and rigorous than any now in place—will guide investment in the region by establishing a set of clear standards for sustainable and responsible business practices, governance, and environmental stewardship:
- Build resilient societies through economic development
- Respect and include local communities and indigenous peoples
- Pursue measures to protect the environment of the Arctic
- Practice responsible and transparent business methods
- Consult and integrate science and traditional ecological knowledge
- Strengthen pan-Arctic collaboration and sharing of best practices
The Arctic Investment Protocol is an important step forward and a solid foundation to build upon for the future. It sets a higher standard and allows further advancement of sound practices for sustainable development.
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