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The Arctic region is well-known as a source of energy and mineral resources. Developing these resources by means of responsible practices could provide the world's economy with strategically and critically important types of minerals. As a result, the role of the Arctic's resource potential and the approaches used to develop it are gradually changing. In current conditions, it is crucial to strike a balance between existing needs and long-term demand for traditional energy sources or critical materials, such as rare and rare-earth minerals. Achieving this balance will result in sustainable growth, meeting ESG agenda targets while considering national security priorities, and devising novel approaches to sustainable project financing. However, there is controversy between existing strategies and plans based on low-carbon development and reality, which creates new macroeconomic and geopolitical obstacles that need to be overcome. The primary goal of this research is to substantiate the necessity of transforming the Russian Arctic's mineral resource exploration in the context of global and national changes. The article presents a comprehensive analysis of the contemporary trends and tendencies influencing the exploration of the Arctic's resources, as well as a general vision of the current situation in the energy sector. Research methods include content analysis and synthesis, generalization, decomposition, elements of strategic analysis, planning and forecasting, statistical methods, econometric modeling methods, and scenario planning. An upgraded concept of sustainable development based on six key components is proposed and discussed. Recommendations are provided on how to improve the existing system of long-term planning and forecasting to reduce the high level of macroeconomic and geopolitical uncertainty. The role of Russian Artic resources is determined in light of the shift in resource use. [ABSTRACT FROM AUTHOR]

Today, the issues of sustainable development are among the most pressing ones. They are particularly relevant in the context of mineral resource development as operations in this sector always have an impact on the environment and socioeconomic development. Developing the mineral resource base of the Arctic presents a difficult task, as it requires finding a balance between the growing demand in resources and the acute climatic and geopolitical challenges. In view of both the specific features of the region and the pressure caused by various trends and challenges, ensuring the sustainable development of the Arctic's mineral resource base is highly important. In 2022, the global landscape that consists of sustainable development trends, ESG agendas, and environmental awareness was supplemented by national import substitution policies introduced in many strategic industries, which led to an inevitable increase in demand for mineral resources. This substantiates the importance of the research goal—developing a model for the sustainable development of the Arctic's mineral resource base that will produce quantitative results and provide key actors with reasonable recommendations for restructuring the priority areas of development. [ABSTRACT FROM AUTHOR]