A Taxonomy of Mineral Resource Projects in the Arctic: A Path to Sustainable Financing?

Diana Dmitrieva () and Victoria Solovyova
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Diana Dmitrieva: Graduate School of Management, Saint-Petersburg State University, St. Petersburg 199034, Russia
Victoria Solovyova: Department of Organization and Management, Empress Catherine II Saint Petersburg Mining University, St. Petersburg 199106, Russia

Sustainability, 2024, vol. 16, issue 11, 1-17

Abstract: The development of mineral resources in the Arctic region presents a strategically significant yet challenging endeavor, necessitating a delicate balance between the growing need for resources and pressing climatic and geopolitical concerns. Mineral resource development projects entail high capital intensity and substantial investment risks, with Arctic projects being particularly complex. While sustainable financing mechanisms for projects fostering sustainable development have been largely addressed in many countries through specialized taxonomies, projects within the mineral resource sector require a distinct financing approach. Such a taxonomy should facilitate the establishment of sustainable financing mechanisms for mineral resource projects in the Arctic zone, incentivizing companies to pursue Sustainable Development Goals (SDGs) and mitigate potential social and environmental risks. This article examines the key aspects of sustainable financing for mining-related business projects amidst current trends, substantiating the prerequisites for establishing a taxonomy of Arctic mineral resource projects. Among the most important prerequisites are the contradiction between the SD concept and the development of mineral resources, specific characteristics of Arctic mining projects, and current financing restrictions. An approach to project financing is developed, and an option for classifying Arctic mineral resource projects for the subsequent taxonomy is proposed.

Keywords: sustainable financing; taxonomy; Arctic projects; mineral resources (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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