Green Economic Transition Scenarios in the Arctic Region

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When the words “Energy” and “Arctic” occur together within the global context, in most of the cases, the ideology creates an image and ideas of large fossil fuel projects, oil and gas rigs, and ship tankers. Governments, institutions, businessmen, and other key stakeholders from the energy sector in the Arctic region face pressures that could be translated as green transition, low-carbon age, or data regarding the new oil. The green economy is a significant concept that refers to the the green transition of energy resources in the Arctic region. This particular chapter highlights numerous global trends, key driving forces and assumptions that have a direct impact on the future evolution of green transition in the Arctic region by the year 2030. The primary goal of this chapter was to create and draw potential future alternatives for the development of transition to green energy in the Arctic region by 2030. Hence, authors developed three green transition scenarios which do not aim to strictly project and forecast the future; instead, the aim is to identify possible alternatives of green transition evolution in the Arctic region by 2030. In addition to that, the authors developed a framework of key driving forces influencing green transition in the Arctic region, and introduced wild scenarios of green transition in the Arctic region.