The Arctic is a polar region located at the northernmost part of the Earth. It consists of the Arctic Ocean, adjacent seas, and parts of Alaska, Canada, Greenland, Iceland, Norway, Sweden, Finland, and Russia. Proof of global warming is in no place more obvious than in this particular territory. Sea ice, snow cover, glaciers and permafrost have been all diminishing due to the warming of the Arctic.
Fighting climate change in the Arctic is an urgent and common challenge for the entire worldwide community and calls for immediate actions. Global institutional investors can play an important role both within and beyond the Arctic.
So what can be done?
First of all, global investors need to engage with relevant companies conducting business in the Arctic, to ensure that these companies are minimizing and disclosing the risks and maximizing the opportunities presented by climate change in the Arctic. In addition, investors need to work with policy makers and relevant NGO’s to support their respective efforts and initiatives in the Arctic region.
Beyond the Arctic, investors need to call on governments to convert international commitments into national policies as well as adopt low carbon investment strategies and promote joint initiatives on climate change, such as the Global Investor Coalition on Climate Change (GICCC).