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Climate change is having a major impact on the Arctic and it is accelerating, with inevitable implications for ecological, social and economic conditions in the vulnerable Arctic biosphere. Implications are particularly great for future generations that will face the consequences of current action or inaction. Resulting environmental changes will present risks as well as opportunities across the Arctic. For example, the large reduction in summer sea ice threatens the future of several ice-dependent species but will also increase marine access to resources and population centers. Melting ice creates new opportunities for the extraction of oil, gas and for opening up new faster shipping routes, and growing fish stocks. Prices on the energy and raw materials market, as well as the availability of infrastructure for the use of the new shipping routes, will affect the extent to which economic activity can be developed in the region. Of course, the impact of climate change and the new economic opportunities are of importance to the Arctic states.