This Dissertation, analyzes the fight in which the strongest international actors, such as the USA, Canada and Russia, have engaged in the Arctic. In particular, the current situation of the Arctic and the increasing consequences of climate change and the significant effects of the reduction of Arctic ice on biodiversity, indigenous communities, and the global climate are first analyzed. Next, the enormous potential of its energy sector is analyzed, examining the importance of fossil fuels and the prospects for transitioning to clean forms of energy. At the same time, initiatives for the development of renewable energy sources and technological innovations that promote sustainable development are analyzed, as well as the challenges facing the region for a smooth energy transition. A significant part of the analysis is devoted to the geopolitical environment of the Arctic as it has been shaped and the role played by major powers such as the US, Russia and Canada in securing their strategic interests and gaining comparative strategic advantage. International rivalries are particularly emphasized, but also the alliances formed for the exploitation of the region with the aim of securing the sovereign rights of the states that have interests in the Arctic and access to the natural resources of the region. The need to develop international cooperation to ensure the governance of the Arctic in sustainable terms is also analyzed. In this context, the current institutional framework governing the Arctic is presented through a set of international agreements, such as the Paris Agreement, as well as diplomatic initiatives and policies for the protection of the Arctic environment. The future scenarios for the Arctic, through the analysis of climate forecasts, the possible energy changes as well as the fluid nature of the geopolitical perspectives of the region are critical parameters of the analysis as well as the examination of the role of the international community in the governance of the Arctic and the need for a multilateral, collaborative approach.