We argue that the current understanding of the Arctic as a region fraught by increasing tension and competition under conditions of climate change is an incomplete story. It ignores many salient developments in furthering co-operation and human security agendas, and marginalises some of the more complex and interesting developments within the region. Such changes in ‘natural states’ do not, in and of themselves, create geopolitical and political instability. Rather, it is the way in which change is understood as a problem for institutional and international organs that creates conditions for co-operation or competition. In the Arctic today, the balance is tipped in favour of co-operation, but the situation is complex and many actors have vested interests.