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

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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)

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.

Suggested Citation

  • Diana Dmitrieva & Victoria Solovyova, 2024. "A Taxonomy of Mineral Resource Projects in the Arctic: A Path to Sustainable Financing?," Sustainability, MDPI, vol. 16(11), pages 1-17, June.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:11:p:4867-:d:1410231
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    References listed on IDEAS

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    1. Diana Dmitrieva & Victoria Solovyova, 2023. "Russian Arctic Mineral Resources Sustainable Development in the Context of Energy Transition, ESG Agenda and Geopolitical Tensions," Energies, MDPI, vol. 16(13), pages 1-28, July.
    2. Diana Dmitrieva & Amina Chanysheva & Victoria Solovyova, 2023. "A Conceptual Model for the Sustainable Development of the Arctic’s Mineral Resources Considering Current Global Trends: Future Scenarios, Key Actors, and Recommendations," Resources, MDPI, vol. 12(6), pages 1-28, May.
    3. Filippini, Massimo & Leippold, Markus & Wekhof, Tobias, 2024. "Sustainable finance literacy and the determinants of sustainable investing," Journal of Banking & Finance, Elsevier, vol. 163(C).
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    5. Marina A. Nevskaya & Semen M. Raikhlin & Victoriya V. Vinogradova & Victor V. Belyaev & Mark M. Khaikin, 2023. "A Study of Factors Affecting National Energy Efficiency," Energies, MDPI, vol. 16(13), pages 1-14, July.
    6. Pavel Tsiglianu & Natalia Romasheva & Artem Nenko, 2023. "Conceptual Management Framework for Oil and Gas Engineering Project Implementation," Resources, MDPI, vol. 12(6), pages 1-27, May.
    7. Oksana Marinina & Anna Tsvetkova & Yurii Vasilev & Nadejda Komendantova & Anna Parfenova, 2022. "Evaluating the Downstream Development Strategy of Oil Companies: The Case of Rosneft," Resources, MDPI, vol. 11(1), pages 1-21, January.
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    2. Sergey Galevskiy & Tatyana Ponomarenko & Pavel Tsiglianu, 2025. "The Impact of Self-Sufficiency in Basic Raw Materials of Metallurgical Companies on Required Return and Capitalization: The Case of Russia," JRFM, MDPI, vol. 18(6), pages 1-17, June.

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