ABSTRACT
The circumpolar Arctic is one of the regions in the world most affected by climate change and communities here are already feeling the effects. Arctic communities are often very isolated and reliant on burning the same fossil fuels that are driving climate change and for which they often pay exorbitant prices due to limited transportation options. Renewable energy resources present a significant opportunity for development in the region. Currently international organizations; federal, regional and municipal governments; industry and small business; and private homeowners are investing in renewable energy development in the Arctic in a variety of ways. Some of the ways that Arctic investors are working to reduce carbon dependence in the region include renewable energy power production, energy storage, energy management in microgrids and energy efficiency improvements. Renewable energy has the potential to decrease energy costs, increase energy security and move these northern communities toward a low carbon future. Achieving these goals will depend on investment from all the stakeholders in the region and economic opportunities will be realized in a variety of business models.
