To preserve the unique ecosystem of the Arctic for future generations, strong government regulation is not enough. Maintaining the ecological balance in the Arctic must be a common objective for government, business, and society. Whether already established or just starting out in the Arctic, businesses need to assume a heightened degree of responsibility for preserving the environment. Issues for discussion: • How should they do this by producing their own environmental regulations/green standards, or by adopting global social compacts? • Are Russian businesses ready for this? Can existing public standards form the basis for a new environmental self-regulatory institution for the Russian Arctic? • What international practices in terms of the relationship between social compacts and government regulation can be applied to the environmental development of the Arctic?