Resource extraction is not synonymous with instant gratification. The beginning of the process starts with in-depth discussions of feasibility as well as economic, social, and environmental impact. The arctic presents great opportunities for energy, mining, and infrastructure development, which are the leading private sector contributors to economies. However, this does not mean they go without substantial risks and challenges. Considerations include impacts, risk assessment, adaptations, and mitigation; these need to be discussed at length with owners, operators, businesses, governments, utilities, academics, and those potentially affected, both human and nonhuman. Other factors include the consideration of the reduction of seasonal, annual, and multi-year sea ice, meaning a higher accessibility to Arctic waters and coasts for marine shipping and transportation.

The Arctic Council is an intergovernmental forum that promotes cooperation, coordination, and interaction among the Arctic States and their residents of issues on sustainable development and environmental protection in the region. The Council, which celebrated its 20th anniversary in September 2016, has a goal of discussing climate challenges and frailty that the North’s ecosystem presents, as well as national development opportunities. In October 2016, the Russian government held a conference called the International Cooperation in the Arctic: New Challenges and Vectors of Development. At this meeting, the most prioritized issue was that of involving non-regional states in the Arctic agenda, along with transforming the Arctic Council into an international organization in order to expand on issues. Additionally, there is talk of establishing parameters of sustainable development in the Arctic, and the up-and-coming field of Arctic law.

"Arctic Resource Development and Climate Impacts, Adaptation and Mitigation." Submission Guides. Accessed March 08, 2017. http://arctic.ucalgary.ca/arctic-resource-development-and-climate-impacts-adaptation-and-mitigation.

"Juneau, Alaska, United States." Arctic Council. May 20, 2015. Accessed March 08, 2017. http://arctic-council.org/index.php/en/about-us.

Admin. "2016 International Cooperation in the Arctic: New Challenges and Vectors of Development Conference." Pan-Arctic Options. Accessed March 08, 2017. http://panarcticoptions.org/international-cooperation-in-the-arctic-new-challenges-and-vectors-of-development/.