The socio-economic conditions from a business project addresses the social and economic impacts on the surrounding communities. It is essential to clarify the socio-economic aspects before a project is initiated, as the wish is to remove or reduce the negative impacts and to enhance the positive impacts as much as possible.
In a Greenlandic context, it is also important that the project is adapted to the special Greenlandic conditions, including how Greenlandic companies and the workforce will be involved.
It particularly applies to mining projects that the mining companies prepare a SIA report (Social Impact Assessment), which, together with the EIA report (Environmental Impact Assessment) forms the background for the public consultation. The mining company, the Government of Greenland and the relevant municipalities then negotiate an Impact Benefit Agreement (IBA). You can read more about this under Cooperation Agreement - IBA.