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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]

According to the forecasts made by IEA, BP, and Total in early 2021, the demand for hydrocarbons will continue for decades, and their share in the global energy balance will remain significant. Russia, as a key player in the energy market, is interested in maintaining and increasing hydrocarbon production, so further exploitation of the Arctic energy resources is an urgent issue. A large number of onshore oil and gas projects have been successfully implemented in the Arctic since the 1930s, while recently, special attention has been paid to the offshore energy resources and implementation of natural gas liquefaction projects. However, the implementation of oil and gas projects in the Arctic is characterized by a negative impact on the environment, which leads to a violation of the ecological balance in the Arctic, and affects the stability of its ecosystem, which is one of the most vulnerable ecosystems on the planet. The main goal of the present study is to understand how the implementation of oil and gas projects in the Arctic affects the ecosystem, to assess the significance of this process, and to find out what the state and business could do to minimize it. In the article, the authors analyze energy trends, provide brief information about important oil and gas projects being implemented in the Arctic region of Russia, and investigate the challenges of the oil and gas projects' development and its negative impacts on the Arctic environment. The main contributions of this paper are the identification of all possible environmental risks and processes accompanying oil and gas production, and its qualitative analysis and recommendations for the state and business to reduce the negative impact of oil and gas projects on the Arctic ecosystem. The research methodology includes desk studies, risk management tools (such as risk analysis, registers, and maps), brainstorming, the expert method, systematization, comparative analysis, generalization, and grouping. [ABSTRACT FROM AUTHOR]