The article deals with the issues of search for a compromise interaction between the state and business in the field of environment in the Arctic. The role of “green diplomacy” within the framework of sustainable development was identified. The main aspects of the legal and economic regulation of environmental activities in Russia and strategic documents of the development of the Russian Arctic into the environment were analyzed. A comparative analysis of the mechanisms and instruments of the economic regulation of environmental activities in the EU countries and Russia, as well as analysis of the costs of business and state for environmental purposes in the Arctic regions have been carried out. The main indicators characterizing the relations between state and business in the Arctic regions of the Russian Federation are calculated. The results of analysis show that in the Russian practice, despite the plethora of legal acts, economic mechanisms and tools, the task of building a constructive partnership has not yet been solved. To solve the problem the authors proposed a “model of green diplomacy”, which allows to find a compromise between the interests of the state and interests of the business. The point of business environmental responsibility, showing the moment of the formation of a new qualitative order in achieving a balance of their interests, has been determined.