‘The Arctic has increasingly become a focal point of geopolitical ambition and resource competition. U.S. President Donald Trump has gone so far as to propose purchasing Greenland - a move that, though widely ridiculed, signalled a deeper and more troubling trend of a scramble for the Arctic. Russia has been expanding its military and economic footprint in the Arctic, reopening Soviet-era military bases, building nuclear-powered icebreakers, and investing in oil and gas infrastructure along the Northern Sea Route. China is a major stakeholder in Russian Arctic LNG projects. And it has declared itself a “near-Arctic power”, investing in Arctic infrastructure and research stations as part of itsPolar Silk Road strategy.
Finland, Sweden and Norway have also recently increased their activity in the region by investing in dual-use infrastructure and strengthening military capabilities, as part of this regions’ deeper integration into NATO's northern defences. Just these few examples illustrate how the broader Arctic region, is being reimagined as a new frontier for geopolitical control.
A key planetary ecosystem
The Central Arctic Ocean is not a barren, frozen void. It is a living, breathing system. One that helps regulate the planet’s climate, stabilize the jet stream, and sustain a web of life - from phytoplankton to whales, from ice algae to seabirds. This ocean plays a central role in maintaining balance in planetary systems. It is also deeply connected to the lives and cultures of Arctic Indigenous peoples, who depend on its rhythms for food, traditions, and identity. Crucially, these communities have long been stewards of Arctic ecosystems. Their calls for decision-making power are not just about justice. Indigenous leadership brings context-specific understanding of seasonal patterns, species behaviour, and climate - all of which are necessary for future mitigation and adaptation efforts.
But we are currently not doing enough – the Arctic is warming nearly four times faster than the rest of the planet. At this already vulnerable moment, industry is knocking at the door with visions of shipping lanes and resource extraction - despite scientific, ecological, and moral concerns.
Industry expansion and threat
Proponents of transpolar shipping through the Arctic Ocean often argue that shorter routes can help reduce emissions. But combatting climate change is not just about reducing carbon emissions - it’s about making choices that avoid exposing ecosystems to new risks. Arctic shipping brings noise pollution, oil spill risks, and invasive species into a region ill-equipped to manage such threats. It undermines the delicate balance of Arctic wildlife for the sake of shipping time efficiency and “easy” access to resources that would allow our unsustainable patterns of resource and energy over-consumption to continue unchecked.
Even more concerning is the threat of deep-sea mining. This method of scraping minerals from the ocean floor, is not only logistically and economically risky, it is ecologically reckless. This is why Triodos Bank has continually spoken out against the practice of deep-sea mining and it is also why we oppose Arctic oil and gas drilling. Extractive activities, whether on the seafloor or beneath the ice, are incompatible with the sensitive and rapidly warming conditions of this region.
Stop the money, stop the damage
This situation calls for restraint and responsibility. The financial sector has a decisive role to play. Banks, investors, and insurers must draw a clear line: no funding and no enabling of deep-sea mining or expansion of transpolar maritime traffic through the Central Arctic Ocean.
We urge governments to take action at the UN Ocean Conference, currently ongoing in Nice, by committing to upholding the 30 by 30 target, geared toward protecting 30% of the world’s oceans and lands by 2030. In the Arctic, such a commitment would help accelerate the creation of a robust network of marine protected and conserved areas. Supporting the High Seas Treaty (Biodiversity Beyond National Jurisdiction Agreement, BBNJ) is an essential step toward achieving this target, while initiatives like the WWF’s ArcNet offer a scientific roadmap for how protection and conservation areas could be set up.
The High Seas Alliance’s treaty needs to be ratified by many more countries, as now is the time to secure international waters from extractive industries and ensure their long-term preservation. If we act now, we can keep this vital region intact. If we hesitate, industry will expand exploitation and future generations will pay the price.’