Soft law instruments on Arctic investment and sustainable development

• Published in: Polar Record
• Main Author: Lim, Kong Soon
• Format: Article in Journal/Newspaper
• Language: English
• Published: Cambridge University Press (CUP) 2020
• Subjects: General Earth and Planetary Sciences; Ecology; Geography, Planning and Development; Arctic; Polar Record
• Online Access: http://dx.doi.org/10.1017/s0032247420000108; https://www.cambridge.org/core/services/aop-cambridge-core/content/view/S0032247420000108

Abstract In recent years, two soft law instruments have emerged to promote sustainable development in the Arctic, namely the Arctic Investment Protocol by the World Economic Forum Global Agenda Council on the Arctic and the Arctic Economic Council’s Code of Ethics. These instruments seek to foster sustainable development through responsible investment and good business practices. The emergence of these soft law instruments by non-State actors demonstrates an interest from the business sector and Arctic stakeholders to develop business norms and standards of sustainable development that are specific to the region. In understanding the potential and scope of these instruments, this paper considers the role of both instruments in driving sustainable development in the Arctic.