GREEN ECONOMY IN THE ARCTIC: IS SUSTAINABLE DEVELOPMENT POSSIBLE?

The article examines the state of development of the “green” economy, renewable energy sources in the Arctic, and the possibilities for ensuring sustainable development and green transformation of the economies of the countries of the region. Additionally, it focuses on the potential for Arctic self-sufficiency in resources for the construction and operation of renewable energy, taking into account the world's needs for “clean” energy. The role of the countries of the Arctic region in the processes of green transformation of the world economy and the possibilities of implementing “green” production projects are assessed. The analysis of individual programs and examples of “clean” mining and processing of rare minerals and metals allows us to assess the possibility of development and potential sustainability of the “green” economy in the region. The functionality of the “green” economy in the Arctic is assessed from a political and economic point of view, taking into account public perception and current trends in international economic relations. The article touches the topic of fighting climate change via means of the economy, a rather relevant topic, as in modern day preservation of the environment is as valuable as the profit it brings. Moreover, dealing with the possible implications of broader mining efforts is another part of the discussion that requires additional attention, along with finding a solution for the growing need for rare minerals and metals. It is also important to consider the influence of political trends and the recent growth of tension around some of the mentioned lands, especially in the case of Greenland. Considerably, the example of several “clean” steel manufacturers, mentioned in the article, provides the basis for further improvements in approaches to the decarbonization of manufacturing and green transformation of the economy overall. Generally, the article underscores the importance and relevance of the green transformation of the world economy and questions the possible sustainability of “clean” mining and manufacturing in some of the climate-vulnerable parts of the world.