The Arctic Ocean and the seas surrounding it are changing. As the sea ice recedes, a new Arctic opens up. This brings challenges and opportunities, such as shifts in the distribution of fish stocks and new sailing routes. The latest IPCC Special Report on the Ocean and Cryosphere in a Changing Climate highlights the urgency of prioritizing timely, ambitious and coordinated action to address unprecedented and enduring changes in the oceans and cryosphere. How can we ensure the continued value creation from the oceans and at the same time maintain the integrity of marine ecosystems? Do we have the knowledge, regulations, international cooperation, and political will necessary to reconcile use and protection of the Arctic seas?