The Arctic is undergoing rapid transformations and facing significant socio-economic, political challenges, as well as challenges associated with the climate change.
Acknowledging the urgent need for resilience of Arctic communities and socio-economic systems, a new tool –Arctic Resilience Monitor was developed geared towards assisting policymakers, businesses, and local communities in making well-informed decisions.
RESILIENCE, far from being just an academic concept, has become a critical, practical consideration for Arctic inhabitants and stakeholders. With climate change and economic shifts affecting the lives of Arctic communities, the ability to “bounce back” and thrive has never been more crucial. Arctic Socio-economic resilience is associated with capacities to simultaneously maintain, adjust and transform socio-economic systems in the face of challenges related to change.
These metrics provide valuable insights into the well-being and prospects of Arctic communities. An extensive analysis of 24 diverse Arctic regions has revealed that no single area boasts perfect resilience. However, Iceland is the best in the Arctic in terms of overall resilience evaluation.
Arctic Resilience Monitor
Arctic Resilience Monitor is a tool developed by the project BIN Arctic (Business Index North). The High North Center for Business and Governance, Nord University Business School, and KPB (Bodø Knowledge Park) are implementing partners in the BIN-Arctic. Arctic Economic Council and Centre for High North Logistics are strategic partners. The project is supported by the Norwegian Ministry of Foreign Affairs.
The Arctic Resilience Monitor assesses resilience through three principal dimensions:
- Persistence evaluates how well a region holds up under unwanted changes.
- Adaptability defines if a region can adjust to changing conditions.
- Transformation measures a region's capacities leading to structural or systemic reconfigurations
Please visit www.businessindexnorth.com for more details and reports about the Arctic.
Source: Nord University Business School
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