This chapter examines the paradoxes of Arctic governance in the context of climate change, resource demand, and geopolitical tensions. Using insights from the Business Index North project, it highlights key socio-economic trends and investment patterns across Arctic regions. The authors identify four governance dilemmas—resource use, local vs. top-down control, climate response, and geopolitical dynamics—and argue that sustainable Arctic development requires creative, inclusive, and internationally coordinated solutions. Institutions like the Arctic Council and Arctic Economic Council are vital for fostering cooperation and resilience in the region.