Submission Form: Best Practices in line with Arctic Investment Protocol - Guidelines for Responsible Investment in the Arctic

The AEC’s Working Group on Investments and Infrastructure (IIWG) has since then worked actively with principles related to responsible investments in the Arctic based on the AIP (IIWG’s mandate is available on the AEC website at https://arcticeconomiccouncil.com/our-work/).

Based on consultations conducted by the group, concrete cases and examples of best practices are deemed very valuable to make the six principles of the AIP more tangible. Developing the AIP to make it more practically applicable was also one of the recommendations in the analysis “Business financing in the Arctic” (2018). Therefore, the IIWG proposes to strengthen the AIP by creating an annex which lists best practices and practical examples on how to implement these six principles.

The AEC Working Group on Investments & Infrastructure invites stakeholders to give input and concrete examples of best practices to achieve sustainable investments in the Arctic and elsewhere. These examples will be incorporated to the AIP annex listing best practices. The examples can be provided by filling in this submission form.

Please note that by submitting this information you consent to making the information public.

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The Arctic is a diverse, rapidly-changing and environmentally sensitive region that is home for its four million residents and also an emerging global investment opportunity. To balance these dimensions, the Arctic Investment Protocol aspires to promote sustainable and equitable economic growth in the region that furthers community well-being and builds resilient societies in a fair, inclusive and environmentally sound manner.

The principles presented in sections 4-9 of this submission form lay the foundation for responsible Arctic development.

For the full text of the Arctic Investment Protocol please go to: http://www3.weforum.org/docs/WEF_Arctic_Investment_Protocol.pdf

Reference to Arctic Investment Principles*
Please choose the principles you would like to comment on below. To elaborate your answer please comment under the chosen principles in the next section.
- Principle 1: Build resilient societies through economic development
- Principle 2: Respect and include local communities and indigenous peoples
- Principle 3: Pursue measures to protect the environment of the Arctic
- Principle 4:. Practice responsible and transparent business methods
- Principle 5:. Consult and integrate science and traditional ecological knowledge
- Principle 6: Strengthen pan-Arctic collaboration and sharing of best practices

Principle 1: Build resilient societies through economic development

Please fill in the Best Practices example under the relevant subtitle/principle (50-250 words)
– Take a long-term investment view
(50-250 words)
– Promote long-term sustainability and economic diversification of projects and communities
– Create job opportunities and skills for residents, develop human capital that can serve to develop and diversify regional economies
– Promote development of civil societies through economic growth
– Openly discuss active partnerships with Arctic communities through investment opportunities

Principle 2: Respect and include local communities and indigenous peoples

Please fill in the Best Practices example under the relevant subtitle/principle (50-250 words)
– Respect the rights of indigenous and local people and mitigate any adverse impact on their traditional practices
– Consult with local authorities, indigenous governance structures and relevant community authorities
– Before undertaking any activity that might adversely affect the traditional practices and livelihood of local communities and indigenous peoples, develop a consultation process that seeks agreement and complies with domestic laws
– Promote capacity-building in local communities and with indigenous peoples in order to enable active participation in processes concerning the land, territories or resources

Principle 3: Pursue measures to protect the environment of the Arctic

Please fill in the Best Practices example under the relevant subtitle/principle (50-250 words)
- Review the feasibility of investment opportunities by balancing economic benefits with environmental and climate goals, incorporating environmental and social concerns into investment analysis
- Recognize the close linkages between the biophysical environment and society in the Arctic, and approach impact analysis in a holistic manner. Responsibly engage local communities in pursuit of measures to protect the Arctic environment with an ecosystem-based management approach where such an approach is required by national and international law
- Pursue technically and financially feasible measures that minimize the potential for adverse impact on the environment and health
- Where project impact is unknown or difficult to assess, investors and developers should take measures to manage project impact by implementing strong mitigation procedures and following a scientific and knowledge-based approach

Principle 4: Practice responsible and transparent business methods

Please fill in the Best Practices example under the relevant subtitle/principle (50-250 words)
– Conduct all business in a fair, legal and transparent manner; actively fight corruption
– Evaluate, report as required and address impacts on, as well as benefits for, communities and the environment at all stages
– Encourage the development of a grievance process for local communities, indigenous peoples and other Arctic stakeholders, in compliance with domestic laws

Principle 5: Consult and integrate science and traditional ecological knowledge

Please fill in the Best Practices example under the relevant subtitle/principle (50-250 words)
– Pursue rigorous scientific research working towards understanding the impact of investment projects and of the broader effects of commercial activity in the Arctic
(50-250 words)
– Develop an overall foundation for investment that integrates rigorous science with traditional/ local ecological knowledge to ensure adequate environmental, social and economic impact assessment
– Adhere to accepted research norms for baseline data and impact monitoring in conjunction with investment Arctic Investment Protocol Guidelines for Responsible Investment in the Arctic

Principle 6: Strengthen pan-Arctic collaboration and sharing of best practices

Please fill in the Best Practices example under the relevant subtitle/principle (50-250 words)
– Encourage public-private partnerships and collaboration where appropriate
(50-250 words)
– Recognize that the Arctic is a diverse and distinct environment with large geographical, demographic, seasonal and climatic variations that will determine the optimal regulatory framework and approaches across regions and situations
– Promote cross-border dialogue to adopt common standards and best practices to maximize the environmental, social and financial benefits of development in accordance with relevant national and international laws.

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Please note that by submitting this information you consent to making the information public.

Submission Form: Best Practices in line with Arctic Investment Protocol – Guidelines for Responsible Investment in the Arctic

Step 1 of 10

Principle 1: Build resilient societies through economic development

Principle 2: Respect and include local communities and indigenous peoples

Principle 3: Pursue measures to protect the environment of the Arctic

Principle 4: Practice responsible and transparent business methods

Principle 5: Consult and integrate science and traditional ecological knowledge

Principle 6: Strengthen pan-Arctic collaboration and sharing of best practices

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