Consistent assessment of the status and prospects of institutional and innovational subsurface resources management in the arctic zone

Abstract

The article reflects the available information about the problem of development of the institutional framework of the innovative subsurface resource management in the Arctic zone, and the relevance of studies of this problem is proved, the interpretation of a number of terms of the study is defined. The main institutions, mechanisms, and instruments governing the innovative subsurface resource management are determined. Most important conventional institutional instruments of regulation are known to rigorously include regulatory support, program and project support, organizational support and financial support. A consistent approach to the assessment of the level of the institutional framework of the innovative subsurface resource management and its impact on socio-economic development of the regions of the arctic countries is produced. This paper estimates loss of profits caused by incomplete development of the institutional framework of the innovative subsurface resource management, which prevents the deployment of the mineral and resource potential of the Arctic zone. We propose the directions of possible Russian cooperation with arctic countries in order to improve the institutional framework of the innovative subsurface resource management in the Arctic.

Keywords

• innovative subsurface resource management; Arctic zone
• institutional framework
• the level of the institutional framework