The Geoeconomics of Arctic Energy Resources: From a Global to a Local Perspective
The Arctic region is rapidly emerging as a geoeconomic frontier, where climate change, resource accessibility, and shifting trade dynamics intersect. As the region transforms, previously inaccessible reserves of oil, natural gas, and critical minerals—such as rare earth elements—are becoming more viable for extraction. These developments have intensified competition over maritime routes, infrastructure investment, and energy exports, positioning the Arctic as a strategic space within the global economic system. However, the worldwide shift toward decarbonization complicates the long-term viability of Arctic hydrocarbon development. As countries commit to net-zero targets and reduce their dependence on fossil fuels, the demand for Arctic oil and gas faces increasing uncertainty. At the same time, the Arctic may evolve into a key supplier of critical minerals essential for renewable energy technologies—including wind turbines, batteries, and electric vehicles. The region also holds significant, yet underdeveloped, potential for renewable energy generation, particularly wind and hydroelectric power. Nevertheless, unique environmental conditions, infrastructure deficits and socio-economic isses pose serious challenges. The Arctic’s geoeconomic future is therefore deeply intertwined with the direction and pace of the global energy transition.
This course explores the conceptual and practical challenges of the global energy transition through the lens of Arctic developments. Its overall aim is twofold. First, it equips students with analytical frameworks to understand and engage with the complexities of policymaking, governance, and strategic decision-making in the energy sector during an era of global climate change. Topics include Arctic geopolitics and geoeconomics, the role of energy in political economies, and the historical and philosophical dimensions of energy transition. Second, the course integrates global, regional, local, and corporate perspectives to provide a nuanced understanding of the Arctic’s role in the global energy transition. It offers practical insight into the unique economic, political, and environmental factors that shape the geoeconomics of the region.
After completing the course, the student must have obtained:
Knowledge
- Contextualize and critically analyse managerial situations in the energy sector, including national and local ripple effects of energy projects, using relevant theoretical frameworks and regulatory provisions, while accounting for diverse stakeholder interests
- Demonstrate a comprehensive understanding of the Arctic as a dynamic geoeconomic frontier by evaluating the implications of increased extraction of oil, natural gas, and critical minerals within the framework of global competition and infrastructure development
- Assess the challenges and uncertainties related to the global energy transition, particularly the impact of decarbonization on the long-term viability of Arctic resource industries, including hydrocarbons and critical minerals
- Apply advanced analytical tools and frameworks, such as sustainable development theories, scenario planning, and PESTEL analysis, to navigate the complexities of policymaking, governance, and strategic decision-making in the Arctic energy sector
- Critically evaluate the geopolitical and geoeconomic dynamics influencing the Arctic region and their interactions with broader political economy and energy sector developments
- Identify and interpret key national and supranational regulatory frameworks and institutional structures governing the Arctic energy sector and relate these to practical governance and management challenges
- Integrate and synthesize global, regional, local, and corporate perspectives to formulate well-informed, multi-level evaluations of the Arctic’s role in the ongoing global energy transition.
Skills
- Can critically analyse managerial and governance challenges in the energy sector, incorporating stakeholder perspectives and regulatory frameworks
- Can evaluate the geoeconomic and geopolitical complexities of the Arctic region within the context of global energy markets and infrastructure development
- Can assess the risks and opportunities related to the global energy transition, including the impacts of decarbonization on resource industries
- Can apply advanced analytical tools—such as PESTEL, scenario planning, and sustainable development frameworks—to real-world policy and strategic issues in the Arctic energy sector
- Can interpret and utilize national and supranational regulatory provisions relevant to energy governance and management
- Can integrate multi-level perspectives (global to local) to critically evaluate strategic business and policy decisions related to the Arctic’s energy transition
- Can conduct independent research on the economic, environmental, and social ripple effects of energy projects at various geographic scales
General competence
- Can develop and critically evaluate strategic and governance solutions addressing the complexities of Arctic energy projects and the global energy transition
- Can discuss and communicate the geopolitical, geoeconomic, and regulatory dimensions of Arctic energy developments by engaging with established and emerging academic debates
- Can apply interdisciplinary knowledge on energy transition challenges effectively, both independently and collaboratively within diverse teams
- Can demonstrate proficiency in presenting complex analyses and research findings on Arctic energy issues, both orally and in written formats, to academic and professional audiences
Compound evaluation
- Assessment task (Approved/Not approved)
- Written Assignment (A-F)