The 5th International Arctic Forum - dedicated to the development of the Arctic region - will wrap up today in St. Petersburg. At the forum, Russian President Vladimir Putin called for cooperation rather than conflict when it comes to the area. He also stressed the importance of environmental protection, while offering incentives for businesses looking to invest in the region. CGTN's Julia Chapman has more from St. Petersburg.

Inaccessible, unforgiving, and largely unspoiled, the Arctic is a region of immense economic potential.

President Vladimir Putin has voiced his plans to harness it, calling for fresh investment and setting ambitious targets for the Arctic shipping route.

ALEXEY KNIZHNIKOV WORLD WILDLIFE FUND "Last year, it was around 20 million tonnes of cargo, and our president put the figure as 80m tonnes by 2024. So four times in five years. This is a huge increase. And it's good for the economy but it could be very painful for the Arctic ecosystem."

Experts say the Arctic is thawing faster than anywhere in the world. A fact the leaders of Arctic countries willingly acknowledge.

But the region contains an estimated 22% of the world's undiscovered gas and oil. And as the ice melts, passage from Europe to Asia will become significantly easier.

JULIA CHAPMAN ST. PETERSBURG "This event is full of businesses looking to cash in on Arctic development. But leaders of the Arctic powers know they need to strike a balance. The Arctic is a land of untapped opportunities, but it's also a fragile ecosystem, vulnerable to damage."

That may sound like an insurmountable task. But the UN's climate representative says business interests and environmental safeguards are not mutually exclusive.

PATRICIA ESPINOSA UN FRAMEWORK CONVENTION ON CLIMATE CHANGE "Here in this region, some of the most prosperous countries have grown and reduced consistently their emissions and gone towards more sustainable societies and it has been possible."

There are strategic considerations too. Countries with territory in the Arctic often have competing interests. Russian Foreign Minister Sergei Lavrov played down the potential for rivalry.

SERGEY LAVROV RUSSIAN FOREIGN MINISTER "We should drop these archaic geopolitical zero-sum games. We're convinced that in the Arctic there is no potential for conflict and that all problems that arise can be solved politically."

And that cooperation will extend well beyond the limits of the Arctic Circle.

ARKEN IMIRBAKI STANDING COMMITTEE OF THE NATIONAL PEOPLE'S CONGRESS OF CHINA "Though China is not an Arctic power, it is still one of the countries that is close to the high north and the changes that take place in the Arctic affect the climate, the ecosystems, the forestry, the fishing industry of China."

The Arctic is a part of the world where the rules are still being written, and the environment remains relatively unsullied.

So campaigners are urging world leaders to get things right this time. And as the Arctic ice continues to melt, that plea will only become more urgent.

Julia Chapman, CGTN, St Petersburg.